On a long-term basis, if we see decisive break below 0.74 handle we would be buyers for this pair with initial target set at 0.76 handle. Selling is not an option as long as we are above 0.72 handle.
Last modified on Friday, 03 June 2016AUD/USD Weekly Forecast – 06 June – 10 June
Aussie pulled back in the course of the last week going all the way to 0.7180 handle however it found significant amount of support in this area, and by the end of the week managed to rebound completely going all the way to 0.7350 handle. Contributing to this incline were better than forecasted Australian GDP figures and weaker than expected US NFP figures. Next week focus will be on RBA interest rate decision. Pair is likely to find support around 0.73 and 0.7250 handle in extension, while resistive candles above 0.7430 and 0.7460 handle would be short-term selling signal.
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