AUD/USD Forecast February 5, 2014, Technical Analysis

The AUD/USD pair rose during the session on Tuesday, blowing through the 0.88 handle like it wasn’t even there. However, we still see significant resistance up to the 0.90 handle, and this move was more or less in sympathy to the New Zealand labor markets strengthening. That is a necessarily a reason to start buying the Australian dollar, although the two currencies tend to move in lockstep over time. With this, we are not bearish until we get a sell signal. Quite frankly, if we want to play the New Zealand labor numbers, we prefer to play the New Zealand dollar.