AUD/USD Daily Forecast – 23 February

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Monday, Feb 22 2016

Aussie spent most of the yesterday's session in an incline, breaking above important resistive points at 0.7180 and 0.72 handle, but finding some amount of resistance at key barrier at 0.7250 handle. With no major data releases tomorrow, we expect that previous resistance at 0.7180 level would now offer some amount of support, at least initially in the session, while break above 0.7250 area would lead pair all the way to above 0.73 handle with resistance around 0.7330 level.

Long-term looking, if we see decisive break above 0.7250 handle we would be interested in buying this pair, but we do not expect an easy way up, with resistance going all the way to above 0.75 handle. Also, recent RBA comments indicated that RBA officials would like to see Aussie on lower levels. With that in mind, we would be cautious but at the moment have no interest in selling the pair.

More in this category: « EUR/USD Daily Forecast – 22 February GBP/USD Daily Forecast – 23 February »

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