AUD/USD Daily Forecast – 21 December
Aussie managed to rebound in the course of the Friday's session and by the end of it even come as high as 0.72 handle. After sharp decline on Thursday, 0.71 handle proved to be significantly supportive at the moment and with the rebound in commodity prices Aussie was pushed higher as well. Monday's session should be a steadier one, as there will be no major data releases.
We believe that pair is likely to find support around 0.7150 level initially, and 0.71 handle in extension so these would be our short-term buying points. On the other hand, area above 0.7250 level is likely to offer significant amount of resistance so this is where we would sell the pair on a short-term basis. Long-term looking, if we see break below recent lows at 0.71 handle we believe that pair would reach 0.70 handle. Buying is not an option as we believe that 0.73 handle should be quite resistive at the moment. However, as long as we are within this consolidation we believe it is best to stay on the sidelines.
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