In long-term trends, we would be buyers for this pair with initial target set at 0.78 handle. If we see break above this pair pair could easily reach 0.80 handle where we can expect significant amount of resistance, with that being round psychologically important level. Selling is not an option at the moment as we see 0.74 handle as being floor for this market.
AUD/USD Daily Forecast – 07 April
Aussie was initially pushed lower in the course of the yesterday's session, but found support around 0.7530 level and turned around breaking above 0.76 handle thus forming a hammer. Tomorrow, there will be no major data releases so we can expect a bit steadier session. Any type of supportive candles around 0.7530 and 0.75 handle in extension would be short-term buying signal, while resistive candles around 0.7650 and 0.7680 level would offer short-term selling opportunity.
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