AUD/USD Weekly Forecast - 04 May - 08 May
Aussie tried to break above 0.80 handle in the course of the last week, though there were no major data releases from Australia, however, just as we have suspected this level proved to be too resistive for this pair at the moment. Next week we expect a lot volatility since RBA interest rate decision as well as plenty of other important reading are scheduled for a release from Australia. Any type of resistive candles above 0.79 area
would indicate short-term selling opportunity, while supportive candles around 0.7750 handle initially and 0.77 level in extension would be short-term selling signal. On a long-term basis we would wait for a break below 0.78 handle which would lead towards 0.76 handle and perhaps then to 0.75 area, which is a major supportive point. We have no interest in buying this pair until we see break above 0.82 handle which does not seem very likely at the moment.
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