Long-term looking, selling is not an option at the moment, after this rebound, however we would remain on the sidelines for this pair until we see more clear break above 0.78 handle.
AUD/USD Weekly Forecast – 01 January – 05 January
Aussie managed to broke higher in the course of the last week, going above 0.78 handle, but this area is still offering plenty of resistance with pair pulling back from 0.7820 area and finishing the week around 0.78 handle. Pair was mostly supported by general fall in US dollar as there were no major data releases. We expect less volatile beginning of the next week due to New Year's Day, and in the second part of the week we would be more focused on US figures. Pair is likely to find support around 0.7750 and 0.77 handle, so this would be our short-term buying points, while we can expect some amount of resistance near 0.7850-0.7880 handle.
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