AUD/USD Daily Forecast – 09 May

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Friday, May 06 2016

Aussie broke lower in the course of the Friday's session going all the way to 0.7330 area after dovish RBA Monetary Policy Statement which indicated that RBA is ready to cut interest rates further. As we have seen break below important support at 0.74 handle, this could be a sign of a change in trend, however, pair has significant amount of support all the way to 0.72 handle, so we believe it is best to stay on the sidelines on a long-term basis.

On a short-term basis, any type of supportive candles around 0.73 handle would be short-term buying signal, while resistive candles around 0.74 and 0.7440 level would offer short-term selling opportunity.

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