AUD/USD Daily Forecast - 20 January
Aussie was traded above 0.82 handle for most of the yesterday's session, but was unable to break above 0.8250 level, indicting that this area is still quite resistive at the moment. Focus of the tomorrow's session will be on China's GDP and Industrial Production figures. Weaker than expected figures would push pair much lower, with initial support around 0.8150 level and 0.8120 in extension.
On the other hand, better than forecasted data would cause an uptrend to near 0.83 handle where we expect some amount of resistance and short-term selling opportunity. In long-term trends, we believe that this pair could break higher and even go to 0.85 handle, where we expect significant amount of resistance, but before placing buying bids we would like to see break above 0.83 handle. With 0.80 handle offering plenty of support at the moment, selling is not an option.
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