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AUD/USD Weekly Forecast - 25 May - 29 May

Friday, May 22 2015

Aussie was traded in a tighter range for most of the last week, between 0.7860 and 0.7960 level as top and bottom, but in the end break below major supportive point at 0.7850 level, due to better than forecasted US CPI figures, but managed to finish the session above 0.78 handle, which is still quite supportive. Since there are no data releases that could bring huge movements next week we believe that pair will find some amount

of support around 0.78 handle and 0.7750 area in extension so this is where we would sell the pair on a short-term basis, while 0.79 handle, or area slightly above it could be offering some amount of resistance so this is where we would consider short-term selling. In long-term trends, we would remain on the sidelines as we have not got any clear sign at the moment. If we break below 0.78- 0.7750 area, we would be willing to start selling the pair once again, as this would probably lead toward 0.76 handle, while buying is not an option until we see decisive break above 0.82 handle, which does not seem likely in the next few sessions. However, there is a possibility that pair will try to test 0.80 handle once again.

More in this category: « EUR/USD Weekly Forecast - 18 May - 22 May GBP/USD Weekly Forecast - 25 May - 29 May »

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