AUD/USD Daily Forecast - 12 February
Aussie spent most of the yesterday's session in a fall, and after breaking below 0.7750 level, which was major support in the past few days, continued to fall, finishing the session at 0.77 handle. Main market mover tomorrow will be Australian job figures. Weaker than expected figures would push pair all the way to 0.7620 area
, where we believe pair could bounce out slightly, while better than forecasted data would push pair again higher but we do not expect break above 0.78 handle, that proved to be too resistive at the moment. 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, which seems as as a very likely scenario at the moment, we would be comfortable with selling this pair.
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