AUD/USD Weekly Forecast - 09 February - 13 February
Aussie was initially pushed lower during the last week, after surprising RBA rate cut, and went all the way to 0.76 handle, but managed to rebound and finish the week around 0.78 handle. As for next week we would pay attention to Australian job figures. Weaker than expected data could send pair back towards 0.76 area but with an initial support around 0.7720 level
, while better than forecasted figures would indicate uptrend towards 0.80 area, but with a resistance near 0.7880 and 0.7930 level in extension. Hammer at a 200 month MA could suggest rebound, but on a long-term basis we are not willing to start buying the pair until we see break above 0.80 handle, that should offered significant amount of resistance. Break below recent lows would indicate downtrend with a target set at 0.75 handle.
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