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 - 18 April – 22 April
Aussie formed support around 0.75 handle during the last week, after being initially pushed lower, and from that point broke higher all the way to 0.77 handle, supported by better than forecasted Australian job figures. Next week should be less volatile with no major data releases both from Australia and USA. We believe that area near 0.78 handle should offer significant amount of resistance, while 0.76 handle should be supportive, so this is where we would place our short-term buying and selling bids.
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