AUD/USD Weekly Forecast – 20 July – 24 July
Aussie broke below 0.75 handle in the course of the last week and even close it below 0.74 handle which is a sign of a general bearishness in the pair. Decline is mostly result of RBA wish for lower exchange rates but mostly fears concerning state of China's economy, which is important for Australia since China is its first trading partner. Next week should be a steadier one without any major data releases, so we believe that any type
of resistive candles above 0.7460 level would offer short-term selling opportunity, while supportive candles in 0.73-0.7280 area would be buying signal. Long-term looking we have no interest in buying this pair as we believe it has plenty of resistance even above 0.75 handle. We believe that once pair breaks decisively below 0.7350 area it will go all the way to 0.70 handle, given enough time. There we can expect significant amount of support since this is round psychologically important figure. Any rallies should be use as just another selling opportunity.
- Popular
-
UK still likely to leave the EU with a negotiated agreement, says Number 10
A successful deal with the European Union remains the “most… -
Sentix Investors Confidence rose to 14.7 in August
The summer heat in Europe is also causing economic temperatures… -
German factory orders -4.0% seasonally adjusted on the previous month
Based on provisional data, the Federal Statistical Office (Destatis) reports… -
China's July exports growth still seen holding up despite U.S. tariffs: Reuters poll
China's exports are expected to have maintained solid growth in…
Tags
aud/usd2605
boe106
brexit96
china122
cpi147
daily fundamental2278
daily technical2199
ecb113
eur/usd1497
eurozone88
EurUsd1227
forex8896
gbp/usd1447
GbpUsd1111
gdp95
industrial production106
inflation73
interest rates219
ppi93
rba91
resistance71
retail sales125
support71
trade balance108
uk188
unemployment claims160
unemployment rate122
usd1004
weekly fundamental565
weekly technical419