Long-term looking, buying is not an option, despite this rebound. Trend is bearish at the moment, so we believe it is best to stay on the sidelines.
AUD/USD Daily Forecast - 07 March
Aussie formed support around 0.7750 handle in the course of the yesterday's session and despite weaker than expected Australian figures, pair was pushed higher going all the way to 0.7840 level, where it found some amount of resistance and pulled back slightly but managed to finish the session above 0.78 handle. As for tomorrow, focus will be on Australian GDP figures. Pair is likely to find support around 0.7780 and 0.7750 handle, so these would be our short-term buying points, while we can expect some amount of resistance above 0.7860 handle.
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