Long-term looking, buying is not an option at the moment. 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 – 06 November – 10 November
Aussie went back and forth in the course of the last week, with support around 0.7620 area and resistance above 0.7730 level. Pair was initially supported by rather good Australian Trade Balance and Building Approvals figures, but then fell in the course of the Friday's session due to weaker than expected Australian Retail Sales and US NFP report. PAir in the end finished the session near 0.7650 handle. Next week, we would be focused on RBA interest rate decision. Pair is likely to find support around 0.76 and 0.7550 handle, so this would be our short-term buying points, while we can expect some amount of resistance near 0.77-0.7750 handle.
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