The AUD/USD pair fell during most of the week, but managed a bounce at the 38.2% Fibonacci retracement level of the latest up move. The resulting candle for the week is a massive hammer, and this signifies that a break higher is a strong buy signal. The fact that the 1.04 level held gives us hope for the bullish case as well, and as a result we feel that buying on a break of the high for the week is the way to go. 1.08 will be resistive, but in the end we feel it gives way.

AUD/USD

AUD/USD Forecast for the Week of March 19, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
1.0447
1.0479
1.0534
1.0566
1.0621
1.0653
1.0708

 Fibonacci
1.0479
1.0512
1.0533
1.0566
1.0599
1.0620
1.0653

 Camarilla
1.0565
1.0573
1.0581
1.0566
1.0597
1.0605
1.0613

 Woodie's
-
1.0485
1.0546
1.0572
1.0633
1.0659
-

 DeMark's
-
-
1.0637
1.0574
1.0550
-
-