AUD/USD Daily Forecast - 03 February
Aussie spent most of the yesterday's session in an uptrend, though there were no major data releases form Australia, indicating that 0.7750 level offers some amount of support at the moment. However, we can expect much more volatile session tomorrow, with the focus on RBA interest rate decision.
Dovish statement would push pair further down with a support around 0.7750 area, initially and 0.77 handle in extension. On the other hand, more hawkish statement would cause an uptrend that should be limited by the resistance above 0.79 handle. In long-term trends, we are far from buying this pair. 0.80 handle, which was previous massive support, should now offer significant amount of resistance so any rallies should stop around this area, where we would consider selling the pair yet again, with a target set at 0.75 handle.
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