AUD/USD Daily Forecast – 27 November
After initial decline yesterday morning, due to weaker than expected Private Capital Expenditure figures, pair found area around 0.7215 level to be supportive enough at the moment, and spent a steadier rest part of the session, with area around 0.7230 offering some amount of resistance. There was also lack of volatility due to fact that US banks are being closed in observance of Thanksgiving holiday.
With holidays extending tomorrow, we can also expect a bit steadier session in which if we see break below 0.7215 area, pair is likely to head towards next major support around 0.7180 level. On the other hand, if pair bounces we expect some amount of resistance above 0.7265 level. On a long-term basis, we would not get involved in this market. It is struggling to much break higher in order to consider any serious uptrend at the moment, and we believe that sooner or later pair will head back towards 0.70 handle, though we do not have strong selling signal yet.
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