The AUD/USD pair fell again on Wednesday as the commodity trade stalled on the whole. The Aussie always tends to benefit from the commodity trade, and as it falls - so does the Aussie dollar. The area below is a major one though, so we are now starting to look for signs that the uptrend could continue.

The 1.04 level was the level that served as resistance for a massive ascending triangle previously, and as such we need to see support at the level. The 50% Fibonacci retracement level is just below it, so this should only serve to offer a bit of a backstop as well. In this environment, we need to see what happens at 1.04, and then trade accordingly. If it gives way, the down move could accelerate. If not, we should bounce.

AUD/USD

AUD/USD Forecast March 15, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
1.0356
1.0390
1.0438
1.0472
1.0520
1.0554
1.0602

 Fibonacci
1.0390
1.0421
1.0440
1.0472
1.0503
1.0522
1.0554

 Camarilla
1.0464
1.0472
1.0479
1.0472
1.0495
1.0502
1.0510

 Woodie's
-
1.0393
1.0446
1.0475
1.0528
1.0557
-

 DeMark's
-
-
1.0537
1.0480
1.0455
-
-