AUD/USD continued to rise in value on Wednesday as traders pile into the commodity currencies as a whole. The Aussie is also enjoying the benefits of being highly correlated to gold as well, and as that market looks so healthy, the trend should continue.

However, it would be remiss of us not to mention the fact that a new high wasn't made yet. The 1.0750-ish top that was made back in October still stands, and at this lofty area, it is difficult to go long unless that area is broken to the upside. The market should have support all the way down to the 1.04 level, so we are comfortable buying pullbacks at this point as well, as long as signs of support reemerge.

AUD/USD

AUD/USD Forecast February 2, 2012, Technical Analysis

AUD/USD Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
1.0458
1.0523
1.0628
1.0693
1.0798
1.0863
1.0968

 Fibonacci
1.0523
1.0588
1.0628
1.0693
1.0758
1.0798
1.0863

 Camarilla
1.0687
1.0703
1.0718
1.0693
1.0750
1.0765
1.0781

 Woodie's
-
1.0533
1.0649
1.0703
1.0819
1.0873
-

 DeMark's
-
-
1.0831
1.0709
1.0660
-
-