AUD/USD Weekly Forecast – 27 July – 31 July

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Friday, Jul 24 2015

After it spent most of the week in consolidation between 0.7350 and 0.7450 area, Aussie was pushed down below 0.73 handle due to weaker than expected China's Manufacturing PMI figures and fall in commodity prices. As or next week focus will on US GDP dana and FOMC interest rate decision. Also, from Australia PPI figures will be released. Weaker than expected US dana would probably bring rebound to Aussie but with a

resistance above 0.74 handle, while better than forecasted figures would push pair further down with an initial support around 0.72 handle. In long-term trends, we have no interest in buying this pair since we have broke below 0.73 handle and we believe that pair will now resume lower towards 0.70 handle, where it should find significant amount of support being larger, round and psychologically important figure on a long-term charts.

More in this category: « EUR/USD Weekly Forecast – 20 July – 24 July GBP/USD Weekly Forecast – 27 July – 31 July »

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