AUD/USD Weekly Forecast - 29 December - 02 January
Aussie pulled back in the course of the last week with a weekly closing around 0.8130 level. There were no major data releases from Australia whole week and trading was in a bit tighter range due to holiday season. As for next week we would pay attention to China's Manufacturing PMI figures.
Any type of resistive candles above 0.8180 level would indicate short-term selling signal for the pair, while supportive candles around 0.8080 area, initially in the week, and 0.8050 level in extension would offer short-term buying opportunity. On a long-term basis, this is one of the pair in which we recommend sell only policy and would use any rallies as just another selling opportunity. Initial target is set at 0.80 handle. Any large uptrend movements should be limited by 0.83 handle, but this scenario is not very likely at the moment.
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