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AUD/USD Weekly Forecast - 08 June - 12 June

Friday, Jun 05 2015

Aussie went back and forth during the last week. It was initially pushed higher after hawkish RBA statement and GDP growth, testing 0.78 handle as a resistance. This area in fact offered resistance and pair pulled back after weaker than expected Retail Sales and Trade Balance figures, with pair returning to 0.76 handle after NFP report. As for next week we can expect a lot of volatility with Australian job figures and Chinese CPI and

Industrial Production data. Weaker than expected figures would push pair all the way to 0.75 handle, which should offer significant amount of support, based on a long-term chart. Better than forecasted data would cause and uptrend but with a resistance and selling point around 0.78 handle. On a long-term basis, we are now sitting at our long-term goal at 0.76 handle, but we believe that pair could go to 0.75 handle where we expect major support based on a long-term charts. We are far from any buying bids as there is significant amount of resistance between 0.78 and 0.80 handle from which pair can easily pullback.

More in this category: « EUR/USD Weekly Forecast - 01 June - 05 June GBP/USD Weekly Forecast - 08 June - 12 June »

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