The AUD/USD pair fell during the session on Wednesday, but managed a bounce later in the session at the 1.05 level to form a hammer. This suggests to us that the pair is ready to continue the move upwards, and the 1.08 level will be more than likely tested again. The breaking of the top of the session highs in this pair would indeed be a bullish sign. The trend is up, and as such our trades should be as well. The 1.04 level is massive support, and it would take a daily close below that level in order to sell this pair. The 1.08 level will be formidable if we can get to it, but ultimately the pair is still likely to continue higher in our opinion.
AUD/USD Forecast March 8, 2012, Technical Analysis
AUD/USD Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3