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

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

 Classic
1.0636
1.0681
1.0707
1.0752
1.0778
1.0823
1.0849

 Fibonacci
1.0681
1.0708
1.0725
1.0752
1.0779
1.0796
1.0823

 Camarilla
1.0712
1.0719
1.0725
1.0752
1.0739
1.0745
1.0752

 Woodie's
-
1.0676
1.0696
1.0747
1.0768
1.0818
-

 DeMark's
-
-
1.0765
1.0746
1.0694
-
-