AUD/USD Weekly Forecast - 16 May – 20 May

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Friday, May 13 2016

Aussie continued its downtrend in the course of the last week, though there were no major data releases. Pair was unable to break above 0.74 handle and by the end of the week tested 0.7250 level as a support. Next week, we would pay attention to Australian job figures. Pair is likely to find support around 0.72 handle, at leas initially, and resistance around 0.7350 and 0.7380 level in a case of a larger rebound.

In a long-term trends, if we see break below 0.72 handle, we believe that pair could go as low as 0.7050 area eventually. We have no interest in buying the pair at the moment, as it seems that bearish pressure prevails.

More in this category: « EUR/USD Weekly Forecast - 09 May – 13 May GBP/USD Weekly Forecast - 16 May – 20 May »

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