AUD/USD Daily Forecast – 21 April

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Wednesday, Apr 20 2016

Aussie was initially pushed a bit lower in the course of the yesterday's session, but found support around 0.7760 area and once again tested 0.78 handle as a resistance, but this area is still as struggle for a pair. 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 are around 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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