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AUD/USD Daily Forecast - 19 January

Friday, Jan 16 2015

Aussie once again tried to break above 0.8250 level in the course of the session on Friday, but as you can see failed, and pulled back, finishing the session around 0.8230 lvele. On Monday, we expect less volatility, since it is beginning of the week, and only New Motor Vehicle Sales figures are scheduled for a release while US banks are being closed.

We believe that pair can expect some amount of support around 0.8150 level, initially and 0.8130 area in extension so these would be our short-term buying points, while, on the other hand, area above 0.8270 level should continue to offer plenty of resistance and short-term selling opportunity. On a long-term basis, though this pair is showing signs of recovery, we are still not eager to put any larger buying bids, at least not until we see break above 0.83 handle which would push market higher with next target at 0.85 handle. 0.80 handle should continue to offer plenty of support, being round, psychologically important figure, therefore we have no interest in selling this pair at the moment.

More in this category: « EUR/USD Daily Forecast - 16 January GBP/USD Daily Forecast - 19 January »

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