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, despite this pullback.
AUD/USD Weekly Forecast - 25 April – 29 April
After it made few attempts to break decisively above 0.78 handle, Aussie pulled back in the course of the last week as 0.7830 level proved to be too resistive at the moment, with pair going all the way to 0.77 handle by the end of the week. As for next week we would pay attention to Australian CPI figures and FOMC Meeting. 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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