AUD/USD Weekly Forecast – 28 December – 01 January
Aussie was traded in a bit tighter range during the last week as there was a lack of liquidity due to holiday season beginning, but by the end of the week, pair managed to break higher and test 0.7280 level as a resistance, few points below which it closed the week.
As for next week, with no major data releases and with New Year holiday's approaching, we expect lack of volatility and sessions in which we can expect some amount of support around 0.72 handle, so this would be our short-term buying point, while area above 0.7330 and 0.7350 level in extension is where we would place short-term selling bids. Long-term looking, we would remain on the sidelines at the moment, as there is no clear trend at the moment and until we see break above 0.7380 area we cannot consider buying at the moment. Also, 0.71 handle seems like a very low at the moment, so we would need to see break below this area before we would start selling the pair.
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