Long-term looking, at the moment it is best to stay on the sidelines, however buying is not an option, as long as we are below 0.75 area. We would consider using rallies as selling opportunities.
AUD/USD Weekly Forecast – 08 May – 12 May
Aussie tried to break higher initially last week, but area above 0.7550 handle proved to be too resistive at the moment, with pair pulling back all the way below 0.74 handle, but it in the end found some amount of support around 0.7370 level and managed to finish the week around 0.74 handle. Decline was mostly caused by weaker than expected Australian Trade Balance figures. Next week, we would pay attention to US data more and of course commodity prices. Pair is likely to find support around 0.7330 and 0.73 handle, so this would be our short-term buying points, while we can expect some amount of resistance near 0.7550 handle.
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