AUD/USD Forecast | Daily Technical Analysis for January 5, 2017
AUD/USD Technical Overview
Yesterday Close 0.7282
Today Open 0.7282
Day’s Range 0.7273 – 0.7315
52 wk Range 0.6824 – 0.7836
1-Year Return 1.93%
AUD/USD Support and Resistance Forecast
AUD is very strong today against USD during Asian session.
AUD/USD forecast: aud usd pair possibly will find the immediate support at 0.7228. If, market breaks the first support then it will go for the following support to test. Following supports are 0.7208 and 0.7177.
On the other side the market has immediate resistance at 0.7290. If, market breaks the primary resistance level then, market will go for the new resistance level 0.7310 and 0.7341.
Possible trading range for today 0.7273 – 0.7315
AUD/USD Fundamental Analysis
The AUD/USD pair rallied on Wednesday, as we continue to see bullish pressure in the Australian dollar after the base that seems to be trying to form near the 0.7150 level. However, I think that this rally is simply a matter of the market being oversold, and that we will find sellers above. My suspicion is that they are waiting somewhere near the 0.73 level, perhaps the 0.7350 handle. Gold markets are very bearish overall, so sooner rather than later I think the bearish pressure will return to the Australian dollar. I have no interest in buying.