AUD/USD Daily Forecast – 28 January

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Wednesday, Jan 27 2016

Aussie broke higher in the course of the yesterday's session, forming a support around 0.70 handle, and even testing 0.7080 level as a resistance, which was area where previous uptrend line started. However, pair pulled back after FOMC statement, but 0.70 handle remains supportive. Tomorrow, any type of supportive candles around 0.6980 and 0.6950 level in extension would offer short-term buying opportunity, while resistive candles above 0.7080 handle would be short-term selling signal.

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.

More in this category: « EUR/USD Daily Forecast – 27 January GBP/USD Daily Forecast – 28 January »

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