Long-term looking, selling is not an option at the moment. We would consider using pullbacks as buying opportunities. Decisive break above 0.80 handle would be a strong buying signal.
AUD/USD Weekly Forecast – 31 July – 04 August
Aussie broke higher in the course of the last week going all the way to 0.8950 handle, mostly being supported by dovish FOMC stanzas as well as overall weakness in the US dollar. However, pair found some amount of resistance around 0.8050 area and then pulled back finishing the week around 0.7980 handle. As for next week, focus would be on RBA interest rate decision and Australian Retail Sales figures as well as US job data. Pair is likely to find support around 0.79 and 0.7850 handle, so this would be our short-term buying points, while we can expect some amount of resistance near 0.8050-0.81 handle.
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