AUD/USD Weekly Forecast - 16 February - 20 February
Despite weaker than expected job figures, Aussie managed to rebound last week, after falling all the way to 0.76 handle, and finish the week well above 0.77 handle. However, 0.78 handle still remains resistive for this pair, indicating there is a lot of bearish pressure.
With only RBA Meeting Minutes out of major data releases next week we would pay more attention to US figures that brought rebound to the Aussie, last week, in the first place. Any type of resistive candles around 0.7850 area would be short-term selling signal, while supportive candles around 0.7720 level, initially in the week and 0.7650 area in extension would offer short-term buying opportunity. Long-term looking, we are not overly enthusiastic about this pair and we believe that it will head towards 0.75 handle, given enough time. Any uptrend movements should fail near 0.80 handle.
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