AUD/USD Weekly Forecast - 09 May – 13 May
Aussie broke lower in the course of the last week going all the way to 0.7330 area. Decline was mostly due to RBA surprise rate cut as well as announcement that we can expect further rate cuts in the future, with inflation outlook being lowered. This break is quite important and it could mark change in trend with pair going back to 0.70 handle, especially since RBA is opting for lower exchange rates. As for next week, we believe that pair will find some amount of support around 0.7280 level and 0.7250 handle in extension, so these would be our short-term buying points, while we can expect significant amount of resistance around recent strong supportive points at 0.7440 and 0.75 handle.
In long-term trends, we would at the moment remain on the sidelines, as pair is more bearish at the moment, but we do not expect an easy way down. However, rallies could be offering short-term selling opportunity.
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