AUD/USD Daily Forecast – 01 December
Aussie was pushed higher during the yesterday's session testing 0.7250 level as a resistance. This area offered some amount of support, but we can expect a lot of volatility tomorrow, with a focus on RBA rate decision and the following statement.
More dovish statement would push pair back to lower levels with a support around 0.7170 level, while hawkish stanzas would cause further uptrend with resistance around 0.73 handle. In long-term trends, we would remain on the sidelines for this pair, as there is no clear trend at the moment, and even if we see rebound we expect plenty of resistance all the way to 0.75 handle. On the other hand, 0.70 handle seems to offer plenty of support at the moment, so we are not interested in selling before we see break below this area, though we believe that pair will test it once again, give enough time.
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