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

AUD/USD Forecast February 28, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
1.0603
1.0627
1.0671
1.0695
1.0739
1.0763
1.0807

 Fibonacci
1.0627
1.0653
1.0669
1.0695
1.0721
1.0737
1.0763

 Camarilla
1.0696
1.0703
1.0709
1.0695
1.0721
1.0727
1.0734

 Woodie's
-
1.0632
1.0681
1.0700
1.0749
1.0768
-

 DeMark's
-
-
1.0751
1.0701
1.0683
-
-