AUD/USD rose quite nicely on Monday as traders not only went for commodity currencies, but risk overall. The gold markets did well, and this is normally good for the Aussie. The pair has broken above the all-important 1.04 to 1.05 area, and we think that the next leg of a bullish move could be starting at this point. Because of this, we like buying the Aussie on dips as long as we can stay above 1.04 in this pair. Selling isn't an option until we close sub-1.04 as we see this as the most important area currently.

AUD/USD

AUD/USD Forecast January 24, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
1.0362
1.0422
1.0455
1.0515
1.0548
1.0608
1.0641

 Fibonacci
1.0422
1.0457
1.0479
1.0515
1.0550
1.0572
1.0608

 Camarilla
1.0463
1.0472
1.0480
1.0515
1.0498
1.0506
1.0515

 Woodie's
-
1.0415
1.0442
1.0508
1.0535
1.0601
-

 DeMark's
-
-
1.0532
-
1.0438
-
-