On a long-term basis, despite recent decline, we believe that pair could easily reach 0.80 handle, where we can expect significant amount of resistance, with that being round psychologically important level, though we would first like to see decisive break above 0.78 handle. Selling is not an option at the moment as we see 0.75 handle as being floor for this market.
AUD/USD Daily Forecast – 02 May
Aussie was was initially pushed higher in the course of the Friday's session, testing 0.7670 handle, which proved to be too resistive at the moment, with pair pulling back by the daily closing, all the way below 0.76 handle thus forming a shooting star as a daily candle. On Tuesday, any type of supportive candles around 0.7550 handle would be short-term buying signal, while resistive candles around 0.7630 and 0.7680 level would offer short-term selling opportunity.
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