The Pivot Point (PPV) can serve well as both support and resistance at the same time; it is the first level that we observe. For this week the pivot points (weekly and monthly) for AUD/USD are: 1.0441 weekly; 1.0379 monthly.
The Australian dollar is below the pivot weekly and above the Moving Average of 200 periods (blue). Therefore, the pivot points show the following.
The weekly pivot level of 1.0441 serves as resistance, a close above this level can change the downtrend with objectives to the first resistance of 1.0506 (W_R1).
On the other hand, downward pressure will continue to increase below the weekly pivot which aims at the 200 day moving average period (blue) near the second weekly support at 1.0272 (W_S2).

Signal For 27 - 31 August, 2012

Sell short at 1.0441 with take profit at 1.0337 and 1.0272, Stop Loss at 1.0550

 _____WEEKLY_____
Weekly - R3 = 1.0675
Weekly - R2 = 1.0610
Weekly - R1 = 1.0506
Weekly Pivot = 1.0441
Weekly - S1 = 1.0337
Weekly - S2 = 1.0272
Weekly - S3 = 1.0168

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_____MONTHLY____
Monthly - R3 = 1.1098
Monthly - R2 = 1.0817
Monthly - R1 = 1.0660
Monthly Pivot = 1.0379
Monthly - S1 = 1.0222
Monthly - S2 = 0.9941
Monthly - S3 = 0.9784