AUD/USD Weekly Forecast – 25 January – 29 January
Aussie was initially pushed lower in the course of the last week, due to concerns surrounding China's economy, but by the end of the week, pair managed to rebound supported by gains in commodity prices and break above 0.70 handle again. As for next week we would pay attention to Australian GDP figures. Weaker than expected figures would cause a pullback to 0.6850 area, where we can expect some amount of support, while better than forecasted data would bring rebound all the way to 0.71 handle where we can expect some amount of resistance as this was previously beginning of the uptrend line.
Long-term looking, as long as we are below this uptrend line, we have no interest in buying this market,as it looks generally week and with further downside in Chinese economy expected we cannot rule out further decline. With that in mind, we would use rallies as selling opportunities as well as break below recent lows at 0.68 handle.
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