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AUD/USD Weekly Forecast – 15 February – 19 February

Friday, Feb 12 2016

Aussie went back and forth in the course of the last week with a support around 0.6980 level and resistance above 0.7150 handle. Pair mostly went back and forth without any clear trend. As for next week we can expect more volatility with Australian job figures and China's CPI and PPI data.  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 0.7170 and 0.72 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. However, until we see decisive break below 0.70 handle we would remain on the sidelines.

More in this category: « EUR/USD Weekly Forecast – 08 February – 12 February GBP/USD Weekly Forecast – 15 February – 19 February »

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