On a long-term basis, if we 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 stronger USD, Aussie is supported by rise in gold prices so this could be factor pushing Aussie higher.
AUD/USD Weekly Forecast – 04 July – 08 July
Aussie initially fell in the course of the last week affected by stronger US dollar, but by the end of the week managed to rebound and broke above 0.74 handle, even testing 0.75 handle as a resistance, which is of course a bullish sign indicating that we could be seeing stronger Aussie in the future. Next week, we would pay attention to RBA rate decision and the following statement. Pair is likely to find support around 0.74 and 0.7350 handle in extension, while resistive candles above 0.7550 and 0.7630 handle would be short-term selling signal.
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