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AUD/USD Daily Forecast – 09 February

Monday, Feb 08 2016

Aussie was initially pushed lower in the course of the yesterday's session, but found area around 0.7050 handle to be supportive enough in order to rebound back to 0.71 handle. 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 and 0.7170 area in extension would be short-term selling signal.

On a long-term basis, 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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