Currency Analyst since 2010

Barclays: trading AUD/USD this week

Analysts at Barclays Capital recommend buying AUD/USD as Australia is due to release the employment report on Thursday (01:30 GMT). The specialists say that their forecasts suggest a slight upside risk for Australian dollar.

“Our technical strategists note that the break below nearby support in the $0.9350 area signals further a short-term squeeze to the downside. In their view, the risk is for a move lower towards a confluence of support in the $0.9200 area.We look for buying interest near there to keep the range of the past 3 months intact and the overall focus higher, toward targets near $0.9760,” Barclays projects. 

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