AUD/USD Weekly Forecast – 07 December – 11 December
Aussie was pushed higher in the course of the last week, breaking above 0.73 handle. Pair was supported by more hawkish RBA Statement as well as better than expected GDP and Retail Sales readings. Pair is now heading towards 0.74 handle where we can expect that it will struggle to break higher. As for next week, we can expect that main market movers will be China's CPI and PPI figures as well as Australian job data.
Any type of supportive candles around 0.7280 level initially and 0.7250 handle in extension would offer short-term buying opportunity, while resistive candles above 0.74 handle and 0.7450 level would be short-term selling signal. In long-term trends, though there is buying potential in the pair, we would not place any larger bids until we se decisive break above 0.75 handle which is next major resistance based on a long-term charts. As for selling, we have no interest at the moment, but do recognize that break below 0.72 handle, would probably send market towards 0.70 handle.
- Popular
-
UK still likely to leave the EU with a negotiated agreement, says Number 10
A successful deal with the European Union remains the “most… -
Sentix Investors Confidence rose to 14.7 in August
The summer heat in Europe is also causing economic temperatures… -
German factory orders -4.0% seasonally adjusted on the previous month
Based on provisional data, the Federal Statistical Office (Destatis) reports… -
China's July exports growth still seen holding up despite U.S. tariffs: Reuters poll
China's exports are expected to have maintained solid growth in…
Tags
aud/usd2605
boe106
brexit96
china122
cpi147
daily fundamental2278
daily technical2199
ecb113
eur/usd1497
eurozone88
EurUsd1227
forex8896
gbp/usd1447
GbpUsd1111
gdp95
industrial production106
inflation73
interest rates219
ppi93
rba91
resistance71
retail sales125
support71
trade balance108
uk188
unemployment claims160
unemployment rate122
usd1004
weekly fundamental565
weekly technical419