On a long-term basis, if we see decisive break below 0.7150 handle we would be sellers for this pair with initial target set at 0.70 handle. Buying is not an option as long as we are below 0.74 handle.
AUD/USD Weekly Forecast – 30 May – 03 June
Aussie pulled back in the course of the last week going all the way to 0.7140 handle, continuing last week's decline. Dovish Governor Stevens comments also contributed to this decline. Pair found some amount of support around 0.7140 level and managed to rebound going all the way to 0.7250 handle, however it found significant amount of resistance in this area, and by the end of the week once again pulled back below 0.72 handle. Next week focus will be on Australian GDP figures and US NFP data. Pair is likely to find support around 0.7140 and 0.7080 handle in extension, while resistive candles above 0.7250 and 0.7280 handle would be short-term selling signal.
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