AUD/USD Daily Forecast – 22 January
Aussie broke higher in the course of the yesterday's session, testing 0.70 handle as a resistance. Pair was mostly supported by raise in iron ore prices, but we would not get overly enthusiastic about this incline. Tomorrow, any type of supportive candles around 0.6930 level, initially, and 0.6850 handle in extension would be short-term buying signal, while resistive candles above 0.7050 handle could offer short-term selling opportunity.
Long-term looking, regardless of this uptrend, 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. Even in a case of a rebound we see 0.72 handle as a ceiling for the pair at the moment.
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