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 – 07 August – 11 August
Aussie broke higher in the course of the last week going all the way to 0.8050 handle, mostly being supported by overall weakening of USD dollar, however, pair started pulling back after dovish RBA stanzas and weaker than expected Trade Balance figures and with decline being further supported on Friday with good US NFP data. Next week focus will be on China's and US figures. Pair is likely to find support around 0.7850 and 0.78 handle, so this would be our short-term buying points, while we can expect some amount of resistance near 0.80-0.8050 handle.
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