AUD/USD Daily Forecast – 29 January

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Thursday, Jan 28 2016

Aussie broke higher in the course of the yesterday's session, after it initially tested support around 0.70 handle, and even broke above 0.71 handle, but found area around 0.7130 level to be too resistive at the moment in order to pullback by the end of the session. Tomorrow, any type of supportive candles around 0.70 handle would offer short-term buying opportunity, while resistive candles above 0.7130 and 0.7150 handle in extension would be short-term selling signal.

We have no interest in buying this pair at the moment, despite this rebound, since as long as we are below 0.72 handle we cannot talk about any serious uptrend. However, bearish pressure that was quite strong is now somewhat limited so we believe it is best to to stay on the sidelines at the moment.

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