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. Despite Brexit, Aussie is supported by rise in gold prices so this could be factor pushing Aussie higher during the week.
AUD/USD Weekly Forecast – 27 June – 01 July
Aussie spent most of the last week in an incline breaking above 0.76 handle, however it was pushed lower after British EU Membership results all the way to 0.73 handle, where it found some amount of support and managed to rebound by the weekly closing to 0.7470 area. There will be no major data releases next week so we expect focus to be on global concerns, particularly Brexit 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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