AUD/USD rose again for the Tuesday session, and even managed to crack the 1.08 handle in turn. The pair has been very bullish lately, and the RBA holding on rates on Tuesday gave the Aussie a boost. The market had been thinking a 25 basis point cut was to be seen, and the central bank held firm. This propelled the Aussie against most currencies, and as the Federal Reserve is will in an ultra easy mode, this pair should continue to rise over time. The 1.08 is a hurdle to overcome, but it looks like this might be happening. The breaking of the high for the session would have us long in this pair again. Any pullback would be looked at as an opportunity to buy the Aussie on the cheap, and we will look for supportive action at the handles below.
AUD/USD Forecast February 8, 2012, Technical Analysis
AUD/USD Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3