On a long-term basis, we have no interest in selling this pair, despite recent pullback, 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.
AUD/USD Weekly Forecast - 02 May – 06 May
After it initially tried to break higher, Aussie pulled back all the way to 0.7550 handle, where pair found some amount of support and managed to rebound by the end of the week, breaking above 0.76 handle. We can expect plenty of volatility next week, with focus on RBA interest rate decision. We believe that area near 0.7750 handle should offer significant amount of resistance, while 0.7550 handle should be supportive, so this is where we would place our short-term buying and selling bids.
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