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 – 19 April
After initial decline, due to fall in commodity prices, Aussie found area around 0.7630 level to be supportive enough in order to rebound and go all the way to 0.7750 handle, this forming a hammer which is of course a bullish sign. On Tuesday, any type of supportive candles around 0.7680 and 0.7650 handle in extension would be short-term buying signal, while resistive candles around 0.7780 and 0.78 level would offer short-term selling opportunity.
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