AUD/USD Daily Forecast - 10 February

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Monday, Feb 09 2015

After bearish gap at the session opening, Aussie spent rest of the day in an uptrend supported by Anz Job Advertisements and China's Trade Balance figures finishing the day above 0.78 handle. Main market mover tomorrow will be China's CPI and PPI figures.

Weaker than expected figures would push pair down but with a support around 0.7750 and 0.7720 level in extension. On the other side, better than forecasted data could bring further uptrend to the pair but with a resistance near 0.79 handle. Long-term looking, we believe that 0.80 handle, which was previously strong support, is now massively resistive so any gains should be limited with that level, therefore we have no interest in buying this pair. If we see another break below 0.77 handle we would be comfortable with selling this pair.

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