AUD/USD Weekly Forecast – 07 September – 11 September

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Friday, Sep 04 2015

After dovish RBA statement and disappointing Australian GDP reading Aussie was pushed all the way to below 0.70 handle and finished the week around 0.69 area, which indicates serious downtrend in the pair. As for next week we can expect a lot of volatility with Australian job figures and Chinese CPI and PPI data. Weaker than expected figures would push pair all the way to 0.68 handle, which should offer some amount of support,

based on a long-term charts. Better than forecasted data would cause and uptrend but with a resistance and selling point around 0.70 and 0.7050 handle in extension. In long-term trends with a weekly closing below 0.70 handle we feel more than comfortable with selling this pair. Our initial target is set at 0.67 handle, but given enough time pair could go much lower. 0.72 handle seems like a ceiling for this pair at the moment, and we do not see scenario in which we would go above it anytime soon.

More in this category: « EUR/USD Weekly Forecast – 31 August – 04 September GBP/USD Weekly Forecast – 07 September – 11 September »

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