AUD/USD Daily Forecast – 01 February

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Friday, Jan 29 2016

Aussie once again tested 0.7140 area as resistance in the course of the Friday's session, but pulled back by the end of the day below 0.71 handle, though it found some amount of resistance around 0.7050 area. On Monday, we would pay attention to China's Manufacturing PMI figures. Pair is likely to find support around 0.70 handle, and resistance near 0.7150 area so this is where we would place short-term buying and selling bids.

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.

More in this category: « EUR/USD Daily Forecast – 29 January GBP/USD Daily Forecast – 01 February »

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