On a long-term basis we have no interest in buying this pair, after this pullback, as we believe that pair could now go all the way to 0.72 handle or even below it. We would now be sellers, and use any rallies as a selling opportunities.
AUD/USD Weekly Forecast – 19 December – 23 December
Aussie initially tried to break decisively above 0.75 handle in the course of the last week, but failed and in the second part of the week after Fed's decision to raise interest rates broke all the way to 0.73 handle where it in the end finished the week. In that way pair broke below major support at 0.74 handle which is of course a bearish sign. As for next week, with no major data releases we expect a bit less volatility. We can expect some amount of support around 0.72 and 0.7160 handle and resistance above 0.74 and 0.7450 handle.
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