AUD/USD Daily Forecast - 06 March

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Monday, Mar 05 2018

AUD/USD Daily Forecast - 06 March

Aussie pulled back initially in the course of the yesterday's session despite much better than forecasted Building Approvals figures with pair going all the way to 0.7730 level, where it found some amount of support and managed to rebound slightly in order to finish the session around 0.7760 level. Tomorrow, focus will be on Australian Retail Sales figures and RBA interest rate decision. Pair is likely to find support around 0.7730 and 0.77 handle, so these would be our short-term buying points, while we can expect some amount of resistance above 0.7830 handle.

Long-term looking, buying is not an option. Trend is bearish at the moment, so we believe it is best to stay on the sidelines.

More in this category: « EUR/USD Daily Forecast - 05 March GBP/USD Daily Forecast - 06 March »

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