On a long-term basis, if we see decisive break below 0.72 handle we would be sellers for this pair with initial target set at 0.7050 handle. Buying is not an option as long as we are below 0.74 handle. We would also keep an eye on gold prices.
AUD/USD Weekly Forecast - 23 May – 27 May
Aussie pulled back in the course of the last week going all the way to 0.72 handle, and even slightly below it at one moment. Pair was pushed lower mostly due to hawkish FOMC Meeting Minutes and despite incline after RBA Meeting Minutes that indicated that RBA is no rush to cut rates, pair did not manage to rally by the end of the week with 0.7250 level offering resistance. With no major data releases next week pair is likely to find support around 0.7150 and 0.71 handle in extension, while resistive candles above 0.7280 and 0.73 handle would be short-term selling signal.
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