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AUD/USD Daily Forecast – 30 November

Friday, Nov 27 2015

Aussie was pushed lower in the course of the session on Friday, though there were no major data releases. This was mostly due to unsuccessful attempt to break above 0.7240 level, after which pair spent most of the session in a decline finding area around 0.7180 level to be supportive at the moment. As for Monday, we expect a bit steadier session since there will be no major data releases, and with traders being careful ahead of Tuesday's rate decision.

We believe that any type of supportive candles around 0.7150 level would offer short-term buying opportunity, especially if we see decisive break below 0.7180 area. On the other hand, resistive candles above 0.7215 level would be short-term selling signal, though we expect that pair will struggle with 0.72 handle as well. Long-term looking, we actually recognize bearish pressure in the pair, and would be willing to sell it on rallies and break below recent lows. The target is set at 0.70 handle. We have no interest in buying the pair at the moment, as area above 0.7250 and 0.7270 level in extension proved to be too resistive for now. 

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