On a long-term basis, if we again see decisive break above 0.75 handle we would be buyers for this pair with initial target set at 0.77 handle. Selling is not an option as long as we are above 0.72 handle.
AUD/USD Weekly Forecast – 20 June – 24 June
Aussie spent most of the last week testing 0.74 handle as a resistance, with a support being formed around 0.73 handle. Pair even finished the week around 0.74 area, so we believe that it has potential to go higher, though we expect plenty of resistance all the way to 0.75 handle. There will be no major data releases next week so we expect focus to be on global concerns and commodity prices. Pair is likely to find support around 0.73 and 0.7250 handle in extension, while resistive candles above 0.7450 and 0.75 handle would be short-term selling signal.
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