AUD/USD Daily Forecast – 20 April

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Tuesday, Apr 19 2016

Aussie broke above long-term target at 0.78 handle in the course of the yesterday's session despite dovish RBA Meeting Minutes. However, 0.78 handle is quite important resistive point so we can expect struggle to break decisively above it. On Wednesday, any type of supportive candles around 0.7780 and 0.7750 handle in extension would be short-term buying signal, while resistive candles around 0.7850 and 0.7870 level would offer short-term selling opportunity.

Since we broke above 0.78 handle, we believe that pair could now 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 0.75 handle as being floor for this market.

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