AUD/USD Daily Forecast – 24 February
Aussie was initially pushed higher in the course of the yesterday's session, but area around 0.7250 level proved to be resistive for the second consecutive session, with pair pulling back, but with area around 0.72 handle offering support. As for tomorrow, we expect that previous resistance at 0.7180 level would now offer some amount of support, at least initially in the session, and then 0.7150 area in extension, 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.
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