AUD/USD Weekly Forecast - 20 April - 24 April

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Friday, Apr 17 2015

Aussie initially broke all the way to 0.7550 handle in the course of the last week, but since this was a major supportive area it managed to rebound supported by good Australian job figures as well as weak US readings. Next week, we would be focused on RBA Meeting Minutes but more importantly quarterly CPI data. Any type of resistive candles above 0.7850 handle, and in a case of larger uptrend above 0.77930 area

would be short-term selling signal, since this was a major support area few weeks ago. On the other hand, supportive candles around 0.77 handle could offer nice short-term buying opportunity. On a long-term basis, we believe that this pair has a lot of bearish potential and that it will hit 0.75 handle once again and then possibly even resume lower, as 0.80 handle seems like a very top for this pair at the moment.

More in this category: « EUR/USD Weekly Forecast - 13 April - 17 April GBP/USD Weekly Forecast - 20 April - 24 April »

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