AUD/USD Daily Forecast – 01 March

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Monday, Feb 29 2016

Aussie was traded in a tighter range in the course of the session on Monday, with support around 0.7120 level and resistance near 0.7170 area. However, this is mostly result of traders being cautious ahead of tomorrow's RBA rate decision. žWe expect that previous resistance at 0.7080 level would now offer some amount of support, and then 0.7050 area in extension, while break above 0.7180 area would lead pair again towards 0.7250 handle, where we can expect significant amount resistance.

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, and with this pullback on Friday, we would be cautious, but at the moment have no interest in selling the pair.

More in this category: « EUR/USD Daily Forecast – 29 February GBP/USD Daily Forecast – 01 March »

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