AUD/USD Daily Forecast – 08 December
Though there were no major data releases from Australia yesterday, Aussie was pushed lower, below recent support at 0.7280 and find area around 0.7250 level to be supportive enough at the moment. This can be explained as a reaction on NFP figures as well as pullback after Friday's unsuccessful attempt to break above 0.74 handle. As for tomorrow we can expect some volatility with NAB Business Confidence figures and China's Trade Balance figures.
Pair is likely to find support around 0.7250 handle initially and 0.72 handle in extension, while area above 0.73 handle could now offer some amount of resistance, though there is pretty much volatility at the moment, so in a case of a break above 0.73 handle pair is likely to test next resistance at 0.7340 level. In long-term trends, if we see break below 0.7180 level we would even consider selling this pair, as this would indicate that pair is heading towards 0.70 handle. Buying is not an option as long as 0.74 and 0.75 handle in extension are offering significant amount of resistance.
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