AUD/USD Weekly Forecast – 10 August – 14 August

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Friday, Aug 07 2015

Aussie managed to rebound during the last week, supported by hawkish RBA statements on current exchange and interest rates, breaking above 0.74 handle, though this area seems to be resistive for this pair. Next week, we expect market movement from China Industrial Production figures and US data. Any type of resistive candles near 0.75 handle would offer short-term selling opportunity, while supportive candles below 0.73 area

would be short-term buying signal. In long-term trends, 0.75 handle still remains top for this pair, so we are not interested in buying it. RBA did give more optimistic view on current exchange rates, but we still believe that pair could test 0.70 handle, especially if we see Fed rate hike in September. With that being the case, we would use rallies as a selling opportunity.

More in this category: « EUR/USD Weekly Forecast – 03 August – 07 August GBP/USD Weekly Forecast – 10 August – 14 August »

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