The AUD/USD pair rose slightly during the previous week, but lost a lot of the original gains to post a shooting star. The 1.08 level looks as if it is going to continue to put up a fight, and because of this, we think a pullback is coming. There is significant support at the 1.06 level, and as well at the 1.04 level. The 1.04 level should be the stronger of the two, and as a result we will be a bit more aggressive at that point if we get there. We are buying this pair on dips if we see supportive candles. The entry could be taken off of a daily chart, and managed through this weekly chart in order to maximize profits.
AUD/USD Forecast for the Week of March 5, 2012, Technical Analysis
AUD/USD Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3