Long-term looking, buying is not an option at the moment, despite this rebound. 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 – 18 December – 22 December
Aussie broke higher in the course of the last week, after it initially formed support around 0.75 handle, with pair going all the way near to 0.77 handle being supported by much better than expected Australian job figures. In the end pair slightly pulled back to a weekly closing around 0.7650 area. Next week we expect tighter range trading as there will be no major data releases. 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 0.77-0.7750 handle.
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