AUD/USD Daily Forecast – 02 February

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Monday, Feb 01 2016

Aussie was traded in a tighter range in the course of the yesterday's session, with support around 0.7040 level and resistance above 0.7090 level. Traders are being cautious ahead of tomorrow's RBA interest rate decision, which should bring some volatility to the markets. 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 recent 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 – 01 February GBP/USD Daily Forecast – 02 February »

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