AUD/USD Weekly Forecast - 11 May - 15 May
Aussie was mostly traded between 0.78 handle and 0.80 area during the last week as pair continues to consolidate in this general area, with area above 0.80 handle being to resistive, while 0.78 handle has offered significant amount of support during the week. Next week, pair is likely to find support around 0.7850 area initially and 0.78 handle in extension, so these would be our short-term selling points, while it is likely that 0.80 handle
and area above it will continue to be massively resistive so this is where we would sell the pair, short-term looking. Long-term looking, we believe it is best to stay on the sidelines for this pair at the moment, as we have no interest in buying it until we see decisive break above 0.82 handle which does not seems very likely at the moment. However, we would also not place any larger selling bids until we see break below 0.78 handle.
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