AUD/USD Daily Forecast – 08 February
Aussie spent most of the yesterday's session in a decline, especially after better than forecasted US job figures, breaking below 0.71 handle, and returning back to recent consolidation range, with some amount of support around 0.7070 area. As for Monday, we believe that any type of supportive candles around 0.7040 level initially and 0.70 level in extension would offer short-term buying opportunity, while resistive candles above 0.7130 handle would be short-term selling signal.
On a long-term basis, this pullback is of course quite bearish sign and the reason why we have no interest in buying this pair at the moment, at least not until we see decisive break above 0.7250 area. If we see break below 0.70 handle, we would be more than willing to start selling the pair again, with the target set at 0.68 handle.
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