AUD/USD Daily Forecast – 21 January

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Wednesday, Jan 20 2016

Aussie spent most of the yesterday's session in decline, though it managed to find some amount of support around 0.6820 level. With no major data releases from Australia tomorrow, we expect a bit steadier morning part of the session. Any type of resistive candles around 0.6930 level would be short-term selling signal, while supportive candles around 0.68 handle and 0.6780 area in extension would offer short-term buying opportunity.

Long-term looking, we believe that pair will head towards 0.65 handle given enough time, so any rallies or break below recent low's at 0.68 handle would offer selling opportunity. We have no interest in buying this pair at the moment, given the weakness of China's economy, which of course is of a great influence on Australia, trading activity of which heavily relies on China's economic growth.

More in this category: « EUR/USD Daily Forecast – 20 January GBP/USD Daily Forecast – 21 January »

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