AUD/USD Weekly Forecast – 14 March – 18 March
Aussie spent most of the last week in an uptrend, breaking above major psychologically important resistance at 0.75 handle. Pair was mostly supported by incline in gold prices and better than forecasted China's CPI figures. Initially in the week, trend will depend on China's Industrial Production figures, but we would pay attention to US figures as well and of course Fed's interest rate decision. We can expect some amount of support around 0.74 handle, as this was last week's low, while pair should struggle to break higher with resistance extending all the way to 0.7650 handle.
Long-term looking, this break above 0.75 handle is of course a bullish sign so we have no interest in selling the pair at the moment. However, we would like to see break above 0.76 handle before placing any larger buying bids as this area is actual goal of this uptrend. Also, pullbacks should offer nice buying opportunity.
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