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AUD/USD Weekly Forecast - 05 January - 09 January

Friday, Jan 02 2015

Aussie went back and forth in a week that was uneventful with Australian data releases and in which oil and iron ore prices played a major role. However, pair in the end broke to the downside finishing the week few points above 0.81 handle. This area offers plenty of support that goes all the way to 0.80 handle which is our long-term target, so we believe that this will be the case initially in the next week.

We can also expect much more volatility with FOMC Meeting Minutes and NFP report being released. Pair is likely to find support around 0.8050 level, and resistance near 0.82 handle, so these would be our short-term buying and selling points. In long-term trends we would use any rallies that are needful at the moment in order for the pair which was oversold to gain momentum to resume downtrend.

More in this category: « EUR/USD Weekly Forecast - 29 December - 02 January GBP/USD Weekly Forecast - 05 January - 09 January »

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