AUD/USD Daily Forecast – 03 May

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Monday, May 02 2016

Aussie found support around 0.76 handle in the course of the yesterday's session and then bounce out going all the way to 0.7670 level, by the end of the day. As for tomorrow, main market mover will be RBA's rate decision and the following Statement. Any type of supportive candles around 0.76 handle would be short-term buying signal, while resistive candles around 0.7730 and 0.7750 level would offer short-term selling opportunity.

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.

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