AUD/USD Daily Forecast - 26 January

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Friday, Jan 23 2015

After it hold for some time above 0.80 handle, Aussie broke well below it during the Friday's session closing the week below it, and indicating that we could be seeing further downtrend in this pair. Monday's session should be less volatile as there will be no data releases both from Australia and USA.

Also, traders are likely to be cautious at the beginning of the week ahead of Australian CPI figures and FOMC Statement. We expect some amount of support around 0.8880 level, so this is where we would consider buying the pair, while 0.80 handle, which was previous major support, should now offer plenty of resistance and would be our short-term selling point. Long-term looking, we would start selling this pair at the break of fresh new lows as we believe it could go all the way to 0.75 handle given enough time.

More in this category: « EUR/USD Daily Forecast - 23 January GBP/USD Daily Forecast - 26 January »

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