AUD/USD Weekly Forecast – 24 August – 28 August
Aussie went back and forth during the last week essentially doing nothing, with 0.72 handle offering support and 0.74 handle being too resistive.With that being the case we believe that pair will remain within its recent consolidation range. Next week pair is likely to find support around 0.7250 level, so this would be our short-term buying point, while we expect some amount of resistance around 0.74 handle so this is where
we would place our short-term selling bids. On a long-term basis, we would not get involved into this market at the moment, or we would sell it at the sign of resistive candles at higher levels especially around 0.75 handle, which seems to be the ceiling for this market at the moment. Buying is not an option as there is plenty of bearish pressure and it is likely that pair will head towards 0.70 handle given enough time.
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