AUD/USD Daily Forecast - 30 December

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Monday, Dec 29 2014

Aussie went back and forth during the session on Monday, with a daily closing few points above 0.8130 level. It was a tighter-range trading, within 50 points, without any major data releases both from Australia and USA, and with holiday season having negative impact on the liquidity. With no data releases from Australia tomorrow, we can expect similar trading.

Any type of supportive candles around 0.81 handle would be short-term buying signal, while resistive candles above 0.8170 area would offer short-term selling opportunity. Since pair has been a bit oversold we believe that it is trying to consolidate around 0.81 handle, however 0.82 handle is where resistance starts. With that in mind we would use any rallies as just another selling opportunity since pair has to gain a bit on value in order to resume with its downtrend which should target 0.80 handle.

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