Long-term looking, selling is not an option at the moment, as we are still above 0.78 handle. However, we believe pair will find plenty of resistance above 0.80 handle and that trend is bearish at the moment.
AUD/USD Daily Forecast - 06 February
Aussie initially tried to break higher in the course of the yesterday's session, but area above 0.7950 level proved to be too resistive, with pair pulling back all the way to 0.7880 handle by the end of the session. Focus of tomorrow's session will be on Australian Retail Sales and Trade Balance figures as well as RBA interest rate decision. Pair is likely to find support around 0.7850 and 0.7830 handle, so these would be our short-term buying points, while we can expect some amount of resistance above 0.7950 handle.
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