AUD/USD Weekly Technical Report 8-12/10/2012

ecPulse
2012-10-08 07:47AM UTC

 

The pair started the day bearishly today and we can see the pair stable below 1.0165, and that formed a Double Top pattern as provided on the chart. Therefore, we expect a downside move this week which remains strongly valid with stability below the neckline areas of the pattern at 1.0165. The breach of 1.0285 will weaken the intraday bearish expectations.

The trading range for this week is expected among the key support at 0.9800 and resistance at 1.0375.

The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0710.

Support    1.0135    1.0095    1.0025    1.0000    0.9975
Resistance    1.0225    1.0255    1.0285    1.0310    1.0370
Recommendation    Based on the charts and explanations above, our opinion is selling the pair around 1.0165 targeting 1.0100, 1.025 then 0.9975 and stop loss with four-hour closing above 1.0285 might be appropriate this week

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