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AUD/USD Daily Forecast – 08 March

Monday, Mar 07 2016

Aussie was initially pushed lower in the course of the yesterday's session, but then managed to rebound, finding area around 0.74 handle to be supportive, going all the way above 0.7450 handle, supported. This is of course quite bullish sign and pair could now test 0.75 handle as a resistance. As for Tuesday we expect that 0.740 level would now offer some amount of support, and then 0.7380 area in extension, while break above 0.75 area would lead pair all the way towards 0.7550 handle, where we can expect significant amount resistance.

Long-term looking, now when we have seen decisive break and second consecutive daily closing above 0.74 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. 

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