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AUD/USD Weeky Forecast – 04 January – 08 January

Thursday, Dec 31 2015

Aussie was pushed higher in the course of the last week, even testing 0.73 handle as a resistance, but on a New Year's Eve pair pulled back, mostly as a result of usual holiday movements. However, we can expect return of liquidity next week, with plenty of data releases from Australia. We can also expect much more volatility with FOMC Meeting Minutes and NFP report being released.

Pair is likely to find support around 0.72 level initially and 0.7150 level in extension, and resistance near 0.7350 handle, so these would be our short-term buying and selling points. In long-term trends, though Aussie is rebounding we would first need to see break above 0.7380 level to expect testing of 0.75 handle as a next major resistance on a long-term charts. On the other hand, as long as 0.71 handle offers support we have no interest in selling the pair. At the moment we would sit and wait for next move.

More in this category: « EUR/USD Weekly Forecast – 28 December – 01 January GBP/USD Weeky Forecast – 04 January – 08 January »

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