AUD/USD Daily Forecast – 27 January
Aussie initally broke lower in the course of the Monday's session, however, area around 0.6920 level offered some amount of support and pair managed to rebound by the end of the session, breaking above 0.70 handle and thus forming a hammer as a daily candle. As for tomorrow, we can expect a lot of volatility with Australian CPI figures. Weaker than expected figures would psuh pair back to 0.69 handle, while better than forecasted data would cause an uptrend to 0.7080 level.
On a long-term basis, regardless of this uptrend, we believe that pair will head towards lower as long as we are below uptrend line, 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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