AUD/USD Daily Forecast – 25 November

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Tuesday, Nov 24 2015

Aussie spent most of the yesterday's session in an uptrend going all the way to 0.7250 level as next major resistance. This is of course a bullish sign but we believe that there is plenty of resistance on the way. With no major data releases from Australia tomorrow, focus will be on US figures.

Any type of supportive candles around 0.7180 level would be short-term buying signal, while resistive candles around 0.7270 and 0.73 handle in extension would offer short-term selling opportunity. Long-term looking, despite this uptrend we are still not willing to consider buying this pair, as there is plenty of resistance all the way to 0.75 handle. We believe that pair will eventually break lower, but we see 0.70 handle as a major support at the moment. As a result we would remain on the sidelines.

More in this category: « EUR/USD Daily Forecast – 24 November GBP/USD Daily Forecast – 25 November »

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