AUD/USD Weekly Forecast – 02 November - 06 November

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Friday, Oct 30 2015

Aussie went back and forth in the course of the last week, breaking below 0.71 handle, but finding are around 0.7070 level to be to supportive at the moment, with pair rebounding slightly by the end of the week. Next week focus will be on RBA rate decision and Australian figures. Weaker than expected figures would push pair back to 0.70 handle, while better than forecasted data would

bring further decline to the pair with major resistance 0.72 handle. Long-term forecast predict that pair will end year around 0.70 handle and with speculations that RBA will cut interest rates further this does not impossible. Moreover, there is a possibility that pair will go even lower to 0.68 handle. However, we would not start selling the pair as long as we do not see decisive break below 0.71 handle. Buying is not an option at the moment.

More in this category: « EUR/USD Weekly Forecast – 26 October – 30 October GBP/USD Weekly Forecast – 02 November - 06 November »

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