AUD/USD Weekly Forecast – 22 February – 26 February
Aussie went back and forth in the course of the last week with a support around 0.7080 level and resistance above 0.7180 handle. Pair mostly went back and forth without any clear trend. As for next week we can expect more volatility with Australian Private Capital Expenditure figures and US GDP data. Any type of supportive candles around 0.7040 handle, at least initially in the week, would offer short-term buying opportunity, while resistive candles above 0.72 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. However, until we see decisive break below 0.70 handle we would remain on the sidelines.
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