Long-term looking, despite this rebound, as long as we are below 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 especially above 0.71 and 0.72 handle in extension.
Last modified on Friday, 29 January 2016AUD/USD Weekly Forecast – 01 February – 05 February
Aussie managed to rebound in the course of the last week, breaking even above 0.71 handle at one moment, but area around 0.7130 level proved to be too resistive for Aussie, with pair pulling back slightly, but with firm resistance at previous resistive point at 0.7040 level. Next week, main market mover will be RBA rate decision and NFP figures. Any type of supportive candles around 0.70 handle, at least initially in the week, would offer short-term buying opportunity, while resistive candles above 0.7150 and 0.72 handle in extension would be short-term selling signal.
- Popular
-
UK still likely to leave the EU with a negotiated agreement, says Number 10
A successful deal with the European Union remains the “most… -
Sentix Investors Confidence rose to 14.7 in August
The summer heat in Europe is also causing economic temperatures… -
German factory orders -4.0% seasonally adjusted on the previous month
Based on provisional data, the Federal Statistical Office (Destatis) reports… -
China's July exports growth still seen holding up despite U.S. tariffs: Reuters poll
China's exports are expected to have maintained solid growth in…
Tags
aud/usd2605
boe106
brexit96
china122
cpi147
daily fundamental2278
daily technical2199
ecb113
eur/usd1497
eurozone88
EurUsd1227
forex8896
gbp/usd1447
GbpUsd1111
gdp95
industrial production106
inflation73
interest rates219
ppi93
rba91
resistance71
retail sales125
support71
trade balance108
uk188
unemployment claims160
unemployment rate122
usd1004
weekly fundamental565
weekly technical419