AUD/USD Weekly Forecast - 26 January - 30 January
After 0.80 handle was supportive for so long, Aussie broke below it last week, indicating that pair is ready to continue its downtrend. We have still not cleared 0.80 handle completely since there is some amount around 0.79 area, but at the moment we do so we would be more than comfortable to place larger selling bids with a target set at 0.75 handle, which is the area RBA was opting to see Aussie for some time now.
Next week will be quite eventful with Australian CPI, US GDP and FOMC Statement. On a short-term basis, any type of resistive candles above 0.8050 level would offer nice short-term selling opportunity, do we believe that 0.80 handle should be quite resistive itself. On the other hand, supportive candles at 0.79 handle and 0.7860 area in extension would be short-term buying signal. On a long-term basis, buying is not an option as we are far from any area from where we can expect any significant bounce.
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