AUD/USD Daily Forecast – 05 May

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Wednesday, May 04 2016

Aussie was initially pushed higher in the course of the yesterday's session, but found resistance above 0.7520 level and pulled back all the way to 0.7450 area where pair found some amount of support. Tomorrow main market mover will be Australian Retail Sales and Trade Balance figures. Any type of supportive candles around 0.74 handle would be short-term buying signal, while resistive candles around 0.7520 and 0.7560 level would offer short-term selling opportunity.

On a long-term basis, despite recent decline, we believe that pair could go higher, supported by gold price, all the way to 0.78 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.

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