AUD/USD Daily Forecast – 06 January

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Tuesday, Jan 05 2016

After it was initially pushed higher, Aussie did not manage to hold gains above 0.72 handle, and turned around, testing 0.7130 area as a support. Pair bounced out from this level, but it seems quite likely that it could test 0.71 handle soon as this is a bottom of recent consolidation range. If we see break below this area, we would be sellers for this pair. Until then we would remain on the sidelines, as buying is not an option at the moment.

With no major data releases tomorrow, we would pay attention to US data. Weaker than expected figures would bring rebound to Aussie but with resistances at 0.7210 and 0.7250 level, while better than forecasted data would push Aussie further down with initial support at 0.71 handle and then 0.7070 area.

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