AUD/USD Weekly Forecast – 31 August – 04 September

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Friday, Aug 28 2015

Aussie sharply fell last week due to fall of Asian stocks and concerns surrounding future China's economic growth, crashing all the way to 0.7050 area, which proved to be supportive enough at the moment with Aussie slightly rebounding and breaking above 0.71 handle by the end of the week. Next week should be quite volatile with Australian GDP data, Retail Sales and RBA interest rate decision. Any type of supportive candles

around 0.7050 and 0.70 handle would offer short-term buying opportunity, while resistive candles around 0.7250 level would be short-term selling signal. With no help from gold markets which are also in decline pair is likely to resume with its negative trend, however, we believe that 0.70 handle is an important supportive barrier and break below it will not be easy, so this is where we anticipate some kind of a bounce. Regardless of this, at the moment buying is not an option.

More in this category: « EUR/USD Weekly Forecast – 24 August – 28 August GBP/USD Weekly Forecast – 31 August – 04 September »

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