AUD/USD Weekly Forecast – 14 December – 18 December
Aussie was traded in a tighter range in the course of the last week, with support at 0.7180 level and resistance above 0.7330 area. This indicates that there is no clear trend for this pair at the moment, especially since pair did not manage to hold onto gains after much better than forecasted Australian job figures. Next week, there will be no major data releases from Australia, so we would pay attention on Fed's rate decision.
We believe that any type of supportive candles around 0.7150 and 0.71 handle, initially in the week, would offer short-term buying opportunity, while resistive candles around 0.7280 and 0.7330 area in extension would be short-term selling signal. After Fed's decision we would have more clear picture of a trend with pair either going back to 0.70 handle or even below it, or going all the way towards 0.74 and 0.75 handle as next major resistances. Until we see either of these moves we would remain on the sidelines.
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