AUD/USD Daily Forecast - 02 January

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Wednesday, Dec 31 2014

Aussie was somewhat supported during the Wednesday's session by China's Manufacturing PMI figures, and even broke above 0.82 handle, however this area keeps offering plenty of resistance, with Aussie pulling back to 0.8170 level. With no major data releases on Friday, we believe that resistive candles above 0.8230 level would offer short-term selling opportunity, while supportive candles around 0.8150 level would be short-term buying signal.

0.81 handle proved to be supportive for Aussie at the moment and we believe it will continue to linger around it in the next few session as pair needs some kind of consolidation after long period of decline. Afterwards, we believe that it will resume its downtrend to 0.80 handle, so we have no interest in buying this market, but would wait for some type of resistive candles in order to start selling it again.

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