AUD/USD Daily Forecast – 22 February
Aussie went back and forth in the course of the Friday's session. Pair initially pulled back, but found support around 0.7070 level, in order to bounce out. However, area around 0.7160 level proved to be too resistive once again. As for Monday, we believe that any type of supportive candles around 0.7080 level initially and 0.7040 level in extension would offer short-term buying opportunity, while resistive candles above 0.7180 handle and 0.72 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 yesterday's rebound, 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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