Long-term looking, buying is not an option at the moment, as there is some bearish momentum in the pair. We would consider using rallies as selling opportunities. Decisive break above 0.78 handle would, however, be a buying signal.
AUD/USD Daily Forecast – 22 November
Aussie formed support around 0.7530 level in the course of the yesterday's session, after dovish RBA Meeting Minutes, and was then pushed higher going all the way to 0.7580 area, which offered some amount of resistance but around which pair managed to finish the session. It was an overall steadier session for Aussie yesterday, with pair being traded within 30 points, with support around 0.7540 and resistance above 0.7570 area, finishing the session in a neutral tone. As for tomorrrow, we would pay attention to RBA Monetary Policy Meeting Minutes. Pair is likely to find support around 0.7520 and 0.75 handle, so this would be our short-term buying points, while we can expect some amount of resistance near 0.7580-0.7630 handle.
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