AUD/USD Weekly Forecast - 18 May - 22 May
Aussie broke above 0.80 handle in the course of the last week, and even went above 0.81 handle, though it pulled back by the week end. This indicates that pair is ready to go higher, but baring in mind RBA's wish for lower exchange rates we would be hesitant with buying this pair. As for next week there will be no major reports, but we do expect plenty of volatility. Any type of resistive candles around 0.8150 area and 0.82 handle
in extension would offer short-term selling opportunity, while supportive candles around 0.80 handle, and in a case of a break below it, 0.7930 level, should be short-term buying signal. Long-term looking, despite this rebound and bullish pressure we would not start buying this pair, as resistance from 0.80 handle stretches all the way to 0.82 handle. If we break above this area we believe that next target would be 0.85 handle. On the other hand, we would not place any larger selling bids, as well, at least not until we see break below 0.7850 area.
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