The AUD/USD pair rose eventually during the Monday session as the commodity trade turned around in the session. The recent rise in this pair has given way to consolidation, but the most recent action looks very much like a bullish flag in the making. The 1.08 level above should continue to offer resistance, so we are waiting to see this area give way in order to go long for a longer-term move. The flag just simply puts a bit of an exclamation point on the bullishness in this market to us. We aren't selling until we are sub-1.04, and that doesn't look likely in the near term at this point in time.
AUD/USD Forecast February 28, 2012, Technical Analysis
AUD/USD Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3