AUD/USD Weekly Forecast – 07 March – 11 March
Aussie was pushed higher in the course of the last week, going all the way to above 0.74 handle,which is of course quite bullish sign with pair now heading towards 0.75 handle as an important resistive barrier. Pair was mostly supported by surge in gold prices. As for next week, with no major data releases we can expect a bit les volatility. Any type of supportive candles around 0.73 handle, at least initially in the week, would offer short-term buying opportunity, while resistive candles above 0.75 and 0.7550 handle in extension would be short-term selling signal.
Long-term looking, now when we have seen clean break above uptrend line that was previously so resistive, we are interested in buying this market, but would first like to see decisive break above 0.75 handle, which could take several attempts bearing in mind that this round psychologically important area.
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