Long-term looking, selling is not an option at the moment, after this rebound, however we would remain on the sidelines for this pair, as it is currently being traded in a very tight range.
AUD/USD Weekly Forecast – 08 January – 12 January
Aussie spent last week in a slow decline as there were no major data releases, with pair going all the way to 0.7880 area, which is somewhat resistive at the moment, but pair managed to finish the week around 0.7860 level. As for next week focus will be on Australian Retail Sales and US CPI figures and we can expect return of the volatility with the end of the holiday season. Pair is likely to find support around 0.78 and 0.7780 handle, so this would be our short-term buying points, while we can expect some amount of resistance near 0.79-0.7950 handle.
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