AUD/USD Daily Forecast – 04 January

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Thursday, Dec 31 2015

After it initially head higher, testing area near 0.7330 level as a resistance, Aussie pulled back in the course of the Thursday's session, testing support at 0.7270 handle, which was formed on Wednesday. With New Year's Day on Friday, markets will be reopened on Monday. This downtrend is a result of a holiday trading and should not be taken as a real sign of a trend.

On Monday, we believe that any type of supportive candles around 0.7250 and 0.7220 level in extension would offer short-term buying opportunity, while resistive candles around 0.7330 area would be short-term selling signal. In long-term trends, as long as we are above 0.71 handle, which is the bottom of recent consolidation range we have no interest in selling the pair, though break below 0.72 handle would be bearish sign. On the other hand, buying is not an option as long as 0.74 handle offers signifciant amount of resistance.

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