AUD/USD Weekly Forecast - 22 June - 26 June
Aussie was pushed higher in the course of the last week, due to dovish FOMC Statement, and went all the way to 0.7850 area, further supported by the rebound on the gold markets. We cannot expect much volatility next week, since there will be no major data releases both from Australia and USA. Pair is likely to find support around 0.77 handle and 0.7650 area in extension so these would be our short-term buying points. On the
other hand, we believe that area above 0.7850 level would offer plenty of resistance so this is where we would consider placing our short-term selling bids. On a long-term basis, we would still remain on the sidelines for this pair. We believe that pair could go to 0.80 handle, but do not expect decisive break above it since it is major resistive point on a long-term charts, so we would not place any larger buying bids, but, at best, buy the pair on the pullbacks. With pair having cluster of support from 0.7650 to 0.75 handle we are not interested in selling the pair at the moment.
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