AUD/USD broke out on Wednesday from a triangle that had kept it under pressure for the last month or so. The solid close at the end of the session foretells higher prices, and the market looks set to continue the rise as we are breaking the very last bits of resistance at the close. The close of the candle is solid, and the top of the range is where we stand.

The 1.04 level was significant resistance, and it appears that the level should be supportive going forward as well. The triangle that was just broken actually measures all the way up to 1.12, and because of this - we have become buyers only of this pair as of today. On a pullback and support at 1.04, we are buying. On a break of the Wednesday high, we are buying. Selling cannot be done as long as we stay above the 1.04 level mentioned above.

AUD/USD

AUD/USD Forecast January 19, 2012, Technical Analysis

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

 Name  S1  S2  S3  Pivot  R1  R2  R3

 Classic
1.0346
1.0312
1.0266
1.0392
1.0426
1.0472
1.0506

 Fibonacci
1.0362
1.0343
1.0312
1.0392
1.0423
1.0442
1.0472

 Camarilla
1.0373
1.0366
1.0358
1.0392
1.0388
1.0395
1.0402

 Woodie's
1.0340
1.0309
-
1.0389
1.0420
1.0469
-

 DeMark's
1.0449
-
-
-
1.0369
-
-