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AUD/USD Weekly Forecast - 02 February - 06 February

Friday, Jan 30 2015

Aussie continued its downtrend during the last week falling all the way to below 0.78 handle, with no support coming despite rise in gold prices. This indicates that we could be seeing further downtrend in this pair. Next week should be quite volatile with the focus on RBA Monthly Meeting and US NFP figures.

Dovish statement would push pair further down with next support around 0.7650 level, while hawkish statement would bring rebound to the pair but with the resistance around 0.7860 level. Long-term looking we have no interest in buying this pair, as we believe that it is most certainly that it will go all the way to 0.75 handle, where pair should find significant amount of support being round psychologically important figure.

More in this category: « EUR/USD Weekly Forecast - 26 January - 30 January GBP/USD Weekly Forecast - 02 February - 06 February »

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