AUD/USD Weekly Forecast – 03 August – 07 August

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Friday, Jul 31 2015

Aussie was traded in a bit tighter range in the course of the last week, since there were no major data releases from Australia, and with pair going through bit of consolidation after recent huge decline. The pair found support around 0.7250 and resistance above 0.7350 area. Next week main market movers will be Australian data and RBA rate decision. Weaker than expected figures would push pair all the way to 0.72 handle where we

expect some amount of support and would consider short-term buying, while better than forecasted data would bring rebound to Aussie, but with a resistance around 0.74 handle. On a long-term basis, we are interested only in selling this pair, especially if we see break below 0.7250 level. 0.75 handle seems like a very top for this market, so we have no interest in buying it until we see break above it.

More in this category: « EUR/USD Weekly Forecast – 27 July – 31 July GBP/USD Weekly Forecast – 03 August – 07 August »

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