AUD/USD Weekly Forecast – 29 February – 04 March
Aussie was pushed higher in the course of the last week, going all the way to above 0.72 handle, but pair found significant amount of resistance around 0.7250 area, beginning of previous uptrend line, and pulled back by the end of the week to 0.71 handle. We can expect a lot of volatility during the next week with Australian GDP figures and RBA rate decision as well as US NFP report.
Any type of supportive candles around 0.7080 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, at least not until we see break above. On the other side as long as we are above 0.70 handle selling is not an option at the moment.
- 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