AUD/USD Weekly Forecast – 30 November - 04 December

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Friday, Nov 27 2015

After pair was initially pushed higher, and test 0.7280 level as a resistance pair pulled back and even broke below 0.72 handle. 0.7180 area at the moment now offers some amount of support, but with bearish pressure being quite strong we would not be surprised to see even further decline. Next week main market mover will be RBA rate statement, Australian GDP figures as well as US NFP data.

Any type of supportive candles around 0.7150 level and 0.7130 area in extension would offer short-term buying opportunity, while resistive candles above 0.7250 and 0.7270 level would be short-term selling signal. In long-term trends, we would for now remain on the sidelines at leas until we see latest Australian figures. However, we do recognize that break below 0.7150 would be bearish and perhaps lead towards 0.70 handle as a next major support. Buying is not an option at the moment, as there is plenty of resistance on higher lever that goes all the way to 0.74 handle.

More in this category: « EUR/USD Weekly Forecast – 23 November – 27 November GBP/USD Weekly Forecast – 30 November - 04 December »

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