AUD/USD Daily Forecast – 16 February
Aussie was pushed higher in the course of the yesterday's session, supported by better than forecasted China's Trade Balance figures. However, pair found some amount of resistance around 0.7170 area and pulled back slightly. As for Tuesday, we believe that any type of supportive candles around 0.7070 level initially and 0.7040 level in extension would offer short-term buying opportunity, while resistive candles above 0.72 handle and 0.7250 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, despite this uptrend, at least not until we see decisive break above 0.7250 area. If we see decisive 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, but for now we prefer staying on the sidelines.
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