AUD/USD Weekly Forecast – 5 October – 9 October

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Friday, Oct 02 2015

Aussie was traded in a tighter range in the course of the last week, with a resistance above 0.7080 area and support around 0.6950 handle, despite mixed Australia figures and weaker than expected US NFP report. It seems that pair is consolidating after large decline, but we believe that sooner or later pair will break lower. Next week we would pay attention to RBA interest rate decision.

Any type of supportive candles around 0.6950 and 0.6930 level would offer short-term buying opportunity, while resistive candles around 0.71 handle would be short-term selling signal. In long-term trends, pair should head lower given enough time, but we would like to see break below 0.69 handle or resistive candles around 0.71 handle in order to start selling the pair. Buying is not an option as long as we are below 0.73 handle, as there is plenty of resistance on the way up.

More in this category: « EUR/USD Weekly Forecast – 28 September – 2 October GBP/USD Weekly Forecast – 5 October – 9 October »

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