AUD/USD Daily Forecast - 11 February
Though it initially aimed higher, 0.7850 area proved to be too resistive at the moment and with weaker than expected China's CPI and PPI figures, Aussie was pushed lower with a daily closing well below 0.78 handle. With no data releases from USA tomorrow, and only Home Loans figures being released from Australia, we believe that some amount of support can be expected around 0.7720 level
, from where pair recently bounce out, while we would consider selling the pair on a short-term basis, above 0.7830 area. On a long-term basis we are not willing to start buying the pair until we see break above 0.80 handle, that should offered significant amount of resistance. Break below recent lows would indicate downtrend with a target set at 0.75 handle.
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