On a long-term basis, if we see decisive break above 0.73 handle we would be sellers for this pair with initial target set at 0.72 handle. However, we believe that pair has a lot of potential to bounce back above 0.75 handle and even break higher.
AUD/USD Weekly Forecast – 25 July – 29 July
Aussie spent most of the last week in an downtrend after finding area around 0.76 handle to be too resistive at the moment with pair going all the way to 0.7450 level, however, this is where pair found significant amount of support and pair managed to stay above this area. Next week, markets will be focused on Australian CPI figures. Pair is likely to find support around 0.74 and 0.7350 handle in extension, while resistive candles above 0.7550 and 0.76 handle would be short-term selling signal.
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