AUD/USD Daily Forecast – 09 December

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Tuesday, Dec 08 2015

Aussie was pushed lower in the course of the yesterday's session, testing 0.7180 level as a support. Since this area is important for overall trend pair managed to bounce our from it. However, we can expect more volatility tomorrow, with China's CPI and PPI figures.

Weaker than expected data would probably push pair below 0.7180 level towards next support at 0.7150, while better than forecasted figures would bring pair lower, with initial resistance at 0.7250 and 0.7280 level in extension, which were previously supportive. On a long-term basis, we have no interest in buying this pair, as higher levels proved to be too resistive for this pair at the moment. If we see break below recent lows at 0.7180 level we would consider shorting the market as this would bring pair further down towards 0.70 handle.

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