AUD/USD Daily Forecast – 26 January
Aussie broke lower in the course of the Friday's session, after it initially tested 0.7030 area as a resistance. However, area around 0.6960 level offered some amount of support. As for tomorrow, pair should find some amount of support around 0.6930 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 recent 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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