AUD/USD rose during the session on Thursday to test the 1.08 level again. The move has recaptured much of the Wednesday losses, and looks to be a build of pressure on the resistance level. It is because of this that we cannot sell this pair, and we are waiting to see whether or not we can close above this level in order to continue much higher. The commodities trade continues to be strong overall, and as long as that is true, we see the higher-yielding Aussie as rising over time. We still are calling for 1.12 in this pair, and currently see nothing that would suggest it would be reached. We aren't interested in selling until we are sub-1.04 on a daily close.
AUD/USD Forecast March 2, 2012, Technical Analysis
AUD/USD Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3