AUD/USD Daily Forecast – 05 January
Aussie spent most of the Monday's session in a downtrend, going all the way to 0.7150 level. The downtrend is mostly caused by weaker than expected China's Manufacturing PMI figures. By the end of the session pair managed to rebound slightly, but it is possible that pair will test bottom of recent consolidation range at 0.71 handle.
With no major data releases tomorrow, any type of supportive candles around 0.7150 and 0.71 handle would offer short-term buying opportunity, while resistive candles above 0.7250 area would be short-term selling signal. Long-term looking, we have no interest in buying this pair as we believe that area above 0.73 handle proved to be resistive enough at the moment, however we would not place any larger selling bids until we see decisive break below 0.71 handle. At the moment we would remain at the sidelines.
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