AUD/USD Weekly Forecast – 23 November – 27 November
Aussie was pushed higher in the course of last week, breaking above 0.72 handle, which is of course a positive sign, since almost all commodity prices fell this week. As for next week attention will be on US data. Any type of supportive candles around 0.7150 level would offer short-term buying opportunity, while resistive candles around 0.7280 and 0.7330 level in extension would be short-term selling signal.
Despite this uptrend, 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 break below 0.7040 handle. Though trend is bullish at the moment, we believe that there is plenty of resistance on the way up so we have no interest in buying the pair as well.
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