AUD/USD Weekly Forecast - 02 March - 06 March
Aussie even tested 0.79 handle in the course of the last week, but by the end of it pulled back to 0.78 handle, which is now proving to be a major turning point. Next week should be quite volatile, with RBA interest rate decision and Australian GDP data. Weaker than expected figures would push pair back to 0.77 handle, with initially support around 0.7720 level.
On the other hand, better than forecasted data would indicate possible uptrend back to 0.79 handle, where we expect some amount of resistance and where we would consider selling the pair on a short-term basis. On a long-term basis, we believe that this pair is still in consolidation and we would first like to see break below 0.77 handle in order to start selling the pair. Buying is not an option as there is plenty of resistance all the way to 0.83 handle.
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