AUD/USD Daily Forecast – 25 February

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Wednesday, Feb 24 2016

Aussie was initially pushed lower in the course of the yesterday's session, but area around 0.7150 level proved to be supportive enough, with pair rebounding and once again breaking above 0.72 handle. As for tomorrow, we expect that previous resistance at 0.7150 level would now offer some amount of support, as it was the case yesterday, and then 0.7130 area in extension, while break above 0.7250 area would lead pair all the way to above 0.73 handle, though we expect significant amount of support around 0.7250 handle.

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 – 24 February GBP/USD Daily Forecast – 25 February »

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