On a long-term basis, if we see decisive break above 0.7650 handle we would be buyers for this pair with initial target set at 0.78 handle. Selling is not an option at the moment.
AUD/USD Weekly Forecast – 08 August – 12 August
Aussie found support around 0.7470 level in the course of the last week and was pushed higher, well above 0.76 handle, despite RBA's rate cut, indicating that there is certain amount of bullish pressure in the pair at the moment. However, by the end of the week pair pulled back due to better than forecasted US NFP figures but managed to remain above 0.76 handle. Next week, we would be more focused on China's figures. Pair is likely to find support around 0.75 and 0.7450 handle in extension, while resistive candles above 0.7680 and 0.7750 handle would be short-term selling signal.
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