AUD/USD Weekly Forecast - 21 March – 25 March
Aussie managed to break above 0.76 handle in the course of the last week, however pulled back by the end of the week, as this area still offers significant amount of resistance. Uptrend was cause by more hawkish RBA Meeting Minutes and fall in Australian Unemployment Rate as well as dovish FOMC stanzas. As for next week, we expect a bit consolidation after this huge incline, so pair is likely to find support around 0.75 handle, as this was major restive barrier in the past, and resistance near 0.77 handle so this is where we would place short-term selling bids.
On a long-term basis, now when we have seen decisive break above 0.75 handle, we believe that pair could go all the way 0.78 handle, so we would use any type of pullbacks as a buying opportunity as well as break above recent top. We have no interest in selling the pair, and see 0.74 handle as a floor for this market at the moment.
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