AUD/USD Weekly Forecast – 19 October – 23 October
Aussie was traded higher initially in the week, but 0.7380 area proved to be too resistive at the moment, with pair pulling back to 0.72 handle after weaker than expected Australian job figures. However, this area offered significant amount of support with Aussie spending rest of the week in a range between 0.7250 and 0.7340 level. As for next week, after initial volatility caused by Chinese
reading, we expect a bit consolidation, with pair finding support around 0.72 and 0.7160 level, so these would be our short-term buying points and resistance above 0.7380 area where we would place short-term selling bids. Long-term looking, we recognize that there is a significant amount of resistance for this pair all the way to 0.75 handle, so we have no interest in placing any larger bids until we see decisive break above this level. Selling is not an option until we see break below 0.71 and 0.70 handle in extension which does not seem likely in the next few session.
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