On a long-term basis we have no interest in selling this pair, as we believe that there is plenty of support for it all the way to 0.74 handle. With that being the case, we would use pullbacks and break above daily highs as buying opportunities, since Aussie looks quite strong at the moment.
AUD/USD Weekly Forecast – 07 November – 11 November
Aussie found support around 0.76 handle in the course of the last week and went all the way to 0.77 handle, but this area is still too resistive at the moment. Aussie was supported by rather good Australian Trade Balance and Retail Sales figures. Next week, focus will be on US Presidential Elections and we expect a lot of volatility during the initial part of the week. We can expect some amount of support around 0.76 and 0.7550 handle and resistance above 0.7750 and 0.78 handle.
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