AUD/USD Daily Forecast - 28 January

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Tuesday, Jan 27 2015

Aussie tried to break higher in the course of the session on Tuesday, but found area above 0.7970 level to be too resistive at the moment in order to pullback and finish the day around Monday's closing. We can expect a lot of market volatility tomorrow with Australian CPI figures and FOMC Statement.

Weaker than expected figures would push pair back to 0.78 handle, with a support around 0.7850 level, while better than forecasted data would push Aussie higher but with a short-term resistance and selling point near 0.80 handle. Long-term looking we are not overly enthusiastic about this pair and believe that it could go all the way to 0.75 handle, given enough time. We would wait for a break below Friday's lows in order to start selling the pair once again.

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