AUD/USD Weekly Forecast – 28 September – 2 October
Aussie did not manage to hold onto gains and even fell below 0.70 handle in the course of the last week, with bearish pressure mostly coming from weaker than expected China's Manufacturing PMI data as well as hawkish Janet Yellen's comments. Next week we can expect plenty of volatility with Australian Retail Sales and Building Approvals figures as well as NFP data being released. Better than expected figures would push
Aussie higher but with a resistance above 0.7130 level and 0.72 handle in extension, while weaker than forecasted data would cause a downtrend with initial support 0.69 handle. Long-term looking, we have no interest in buying this pair, as long as area above 0.72 and 0.73 handle in extension is offering plenty of resistance. We believe that pair will head towards 0.67 handle and then even possibly lower, as soon as we see decisive break above 0.69 handle, and therefore we are „sellers-only“ for this pair.
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