AUD/USD Daily Forecast – 07 January

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Wednesday, Jan 06 2016

Aussie continued its downtrend in the course of the yesterday's session breaking below bottom of consolidation range at 0.71 handle, which is of course quite bearish sign that indicates that pair could now be going much lower. Tomorrow, main market mover will be Australian Trade Balance and Building Approvals figures.

Weaker than expected data would push pair all the way to 0.70 handle in the course of the session, while better than forecasted figures would cause a rebound but with a resistance above 0.71 handle and 0.7130 level in extension. In long-term trends, we believe that pair could now go all the way to 0.69 handle, so we are currently more interested in selling the pair. This area proved to be quite supportive in the past, so we do expect bounce out from this area. We have no interest in buying this pair at the moment.

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