AUD/USD Weekly Forecast – 13 July – 17 July
Aussie broke below 0.75 handle in the course of the last week as worries around Shanghai stock market and China's economic growth put it under pressure with China being Australian first trading partner. This is why next week China's GDP and Industrial Production figures will be in focus. Any type of resistive candles above 0.75 handle would offer short-term selling opportunity, while supportive candles below 0.7350 handle would be
short-term buying signal. In long-term trends, with concerns surrounding China's economy and with RBA wish for lower exchange rates we believe that Aussie could easily go all the way to 0.70 handle, which is next round psychologically important figures, so we are only sellers for this market at the moment. Buying is not an option until we see decisive break above 0.78 handle though there is plenty of resistance for this pair going all the way to 0.80 handle so we see no scenario in which we would be interested in buying this market at the moment.
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