Directly from Vladimir Ribakov's Live Trading Room
We are looking for ways to join the Bearish move for this pair. If we look to the Daily charts we have had a strong support area around .1.06213 and price is becoming more relevant now. Here is how we should be looking to join this move. We want to see a break below this area of 1.06213 with the combination of a cross down of the 50 line on the RSI indicator. If this happens that will be our signal to sell and we will be aiming the next support area around 1.04183. But don't forget that today is Cash Rate day for the Aussie and if the banks decides to reduce the interest rate than you could see this pair drop.
AUDUSD trade setup for March 05, 2012
AUD/USD Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3