AUD/USD Weekly Forecast - 23 February - 27 February
Aussie went back and forth during the last week, but managed to break higher, by the end of it, with a weekly closing above 0.78 handle, which is still quite resistive for this pair. With no major data releases from Australia next week, main market mover would be US figures.
Weaker than expected data would push this pair even higher, possibly to 0.7930 level, where we can expect next major resistance and where we would place our short-term selling point, while better than forecasted data would cause a pullback to 0.7750 area and 0.7720 level in extension, which are two major supportive points that should offer short-term buying opportunity. In long-term trends we have no interest in buying this pair as we believe that even if it resumes its uptrend gains will be limited by 0.80 handle, so we would rather wait for it to go higher and then start shorting it once again.
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gdp95
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