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AUD/USD Weekly Forecast - 09 March - 13 March

Friday, Mar 06 2015

Aussie went back and forth during the last week, supported by RBA interest rate decision, but pulled back on much better NFP figures. However, it remained above 0.77 handle indicating that consolidation is still quite present in this pair. Focus of the next week will be on Chinese CPI and Industrial Production figures.

Weaker than expected figures would push pair below 0.77 handle, with initial support around 0.7650 area and 0.76 handle in extension. On the other hand, better than forecasted data would push pair back to 0.78 handle, though we believe that 0.7850 area will continue to be major resistance. Long-term looking, we are neutral for this pair as we believe it will remain within its consolidation range between 0.77 and 0.79 handle. If we break below 0.77 handle we would consider selling it.

More in this category: « EUR/USD Weekly Forecast - 02 March - 06 March GBP/USD Weekly Forecast - 09 March - 13 March »

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