AUD/USD Daily Forecast – 03 February

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Tuesday, Feb 02 2016

After it was initially pushed higher in the course of the session on Tuesday, Aussie once again found area around 0.7130 level to be resistive and after RBA statement pulled back but found support around 0.7040 level and spent steadier rest of the session. Tomorrow, we would pay attention to Australian Trade Balance and Building Approvals figures. Weaker than expected figures would cause decline, with initial support around 0.7040 and 0.70 level in extension, while better than forecasted data would bring further rebound but with resistance around 0.7140 area.

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 – 02 February GBP/USD Daily Forecast – 03 February »

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