Long-term looking, buying is not an option at the moment, after this decrease. We would use any rallies as selling opportunities as well as break below 0.75 handle which would be a strong selling signal, as this is major supportive point.
AUD/USD Weekly Forecast – 30 October – 03 November
Aussie spent last week in a decline offset by weaker than forecasted Australian CPI figures. Pair went all the way to 0.7620 area, where it found some amount of support and managed to rebound by the end of the week to a closing around 0.7670 level. Next week, focus will be on Australian Retail Sales and Trade Balance figures, as well as US NFP report and FOMC interest rate decision. Pair is likely to find support around 0.7550 and 0.75 handle, so this would be our short-term buying points, while we can expect some amount of resistance near 0.7750-0.78 handle.
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