AUD/USD Daily Forecast - 07 February

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Tuesday, Feb 06 2018

AUD/USD Daily Forecast - 07 February

Aussie went back and forth in the course of the yesterday's session, initially being offset by much weaker than expected Retail Sales and Trade Balance figures, but found support around 0.7830 area and managed to rebound in order to finsih the day around 0.7880 level. We expect similar session tomorrow. Pair is likely to find support around 0.7830 and 0.78 handle, so these would be our short-term buying points, while we can expect some amount of resistance above 0.7950 handle.

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.

More in this category: « EUR/USD Daily Forecast - 06 February GBP/USD Daily Forecast - 07 February »

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