AUD/USD Daily Forecast – 25 January
Aussie broke higher in the course of the Friday's session, testing 0.7040 area as a resistance. Pair was mostly supported by raise in iron ore prices, but we would not get overly enthusiastic about this incline. On Monday, pair should find some amount of support around 0.6950 level, so this is where we would consider short-term buying and resistance above 0.7040 and 0.7080 level, which were previously supportive.
On a long-term basis, 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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