AUD/USD Weekly Forecast – 18 January – 22 January
After it initially went back and forth in the course of the last week, Aussie did not manage to rebound even after better than forecasted Australian job figures and by the week's end pulled back all the way to below previous significant support at 0.69 handle. As for next week we would pay attention to US CPI data as well as China's GDP and Industrial Production figures, that would be most carefully watched given the latest developments and concerns surrounding China's economy.
We believe that supportive candles around 0.67 handle would offer short-term buying opportunity, while resistive candles near 0.70 handle would be short-term selling signal. On a long-term basis, we have no interest in buying this pair, as there is plenty of resistance for it above 0.70 handle. We actually believe that pair will now head towards next major support at 0.65 handle, so we would use any rallies as just another selling opportunity.
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gdp95
industrial production106
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trade balance108
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