AUD/USD Weekly Forecast – 08 February – 12 February
Aussie managed to rebound in the course of the last week, breaking even above 0.72 handle at one moment, but area around 0.7250 level proved to be too resistive for Aussie, with pair pulling back significantly after NFP figures all the way to below 0.71 handle, thus forming a shooting star as a weekly candle. This is of course quite bearish sign, which indicates that pair is not ready to break higher at the moment. Next week 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 0.7180 and 0.7250 handle in extension would be short-term selling signal.
Long-term looking, since recent uptrend failed, we have no interest in buying this market, as it looks generally weak and with further downside in Chinese economy expected we cannot rule out that pair will further decline. With that in mind, we would use rallies as selling opportunities especially above 0.72 and 0.7250 handle in extension.
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