AUD/USD Daily Forecast - 29 December

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Friday, Dec 26 2014

Aussie was traded in a tighter range within 40 points during the Friday's session as there were no data releases both from Australia and USA. Pair finished the session above 0.8120 level. We cannot expect any larger movements on Monday as well since there will be no data releases and liquidity at the markets is low with holiday season on.

With that being the case pair is likely to find support around 0.81 handle and 0.8080 level in extension, while we can expect resistance above 0.8170 area so this is were we would sell the pair in short-term trends. Long-term looking, Aussie will most certainly head to 0.80 handle and that would be our initial target. However, RBA officials are calling for even lower exchange rates with optimal price of around 0.75 handle so we believe that long-term looking this is the point where Aussie could stop its downtrend.

More in this category: « EUR/USD Daily Forecast - 26 December GBP/USD Daily Forecast - 29 December »

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