AUD/USD Daily Forecast – 02 March

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Tuesday, Mar 01 2016

Aussie was pushed higher in the course of the yesterday's session, going all the way to 0.72 handle despite rather mixed Australian figures. However, pair found this area to be too resistive at the moment, and after US Manufacturing PMI figures pulled back but quickly rebounded. As for tomorrow focus will be US GDP figures. We expect that 0.7030 level would now offer some amount of support, and then 0.7080 area in extension, while break above 0.72 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 – 01 March GBP/USD Daily Forecast – 02 March »

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