On a long-term basis, we have no interest in selling this pair, as we believe that there is plenty of support for it all the way to 0.74 handle. With that being the case, we would use pullbacks and break above daily highs as buying opportunities, since Aussie looks quite strong at the moment.
AUD/USD Weekly Forecast - 04 April – 08 April
Aussie formed support around 0.75 handle during the last week, and from that point bounced higher, especially after dovish Janet Yellen's remarks concerning rate hike, with pair going as high as 0.7750 handle. However, by the week's end, 0.77 handle proved to be too resistive for the pair at the moment, which pulled back to 0.7650 area. As for next week focus will on RBA interest rate decision and Australian figure sin general. Weaker than expected data would push pair back to 0.75 handle, where we can expect some amount of support, while better than forecasted figures would probably lead to break above recent highs at 0.7750 handle.
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