AUDUSD Analysis 03/02/15

FX:AUDUSD   Australian Dollar / U.S. Dollar
288 0 3
Long term trend: Down
Medium term trend: Down
Significant Levels: 0.8000 (Significant Round Number & Horizontal Resistance), 0.7780 (Horizontal Support), Downtrend, Fibonacci Retracement

The price reached our new support line. This support line is a pretty solid one. The monthly chart also recognized this support area . Even though that is the case, we are still bearish on this currency pair.

The 0.8090 level is the next significant level after the psychological area of 0.8000. Current price is now near our support area of 0.7780. We would like to trade this pair if the price goes up near our trend line and/or round number. We can see how significant our trend line is. It was tested many times and is still solid. There are false breakouts which indicate that the trend line is still being respected by the market.

We are looking for some retracement right now. Fibonacci Retracement could be useful for that. It seems that the 50% retracement is the most significant Fib level right now because it coincides with the psychological level. If the price retraced back to 50%, that could be a good opportunity for us to go Short.

Trade well.
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