AUD/USD Daily Forecast – 08 January

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Thursday, Jan 07 2016

Aussie continue to fall in the course of the yesterday's session, even breaking below 0.70 handle, though it found some amount of support around 0.6980 level. The decline is mostly due to instability concerning Asian markets, concerns on future China's economic growth, as well as somewhat weaker than expected Australian Building Approvals figures. Tomorrow, we would pay attention to Australian Retail Sales figures as well as NFP data.

Pair is likely to find support around 0.6930 level and resistance above 0.7080 area, so these would be our short-term buying and selling points. Long-term looking, it seems that pair is ready to continue lower and we expect that it will test 0.69 handle as a support, since this area proved to be important in the past. We have no interest in buying the pair at the moment.

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