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. Buying is not an option until we see break above 0.78 handle.
AUD/USD Weekly Forecast – 04 December – 08 December
Aussie was pushed lower in the course of the last week, though it was mostly traded in a tighter range, however, pair managed to find some amount of support around 0.7550 area and rebound in the course of the Friday's session in order to finish the week above 0.76 handle. As for next week, we would be focused on Australian GDP and Retail Sales figures as well as RBA interest rate decision, so we can expect much more volatility. 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 0.7680-0.77 handle.
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