Unless we can predict it, we have no business trying to explain it.
An important example here is the Babylonian astronomy system. It was able to predict the 'movement' of the sun and stars with staggering accuracy. Its predictive value was commendable, but is explanatory power was lacking (it was based on the heavens moving, which we now know to be incorrect).
Now, for reasons relating to the 'nature of knowledge', biological and cognitive accounts of psychology are more concerned with explanations than descriptions. For example, evolutionary theory looks at the functional and adaptive relevance of a given behaviour; how this explains homosexuality is a problem, but I don't want to digress too far! What I am saying is the cause-effect relationship is the very core of an explanation. This is not necessarily the same thing as prediction: remember, the Babylonians could predict movements but were on the wrong horse completely when it came to explaining them.
Freud could "explain" behavior, after the fact, in a manner which was incredibly popular for a time.
And it fitted in with the Western European worldview of the time; we have to acknowledge the social and historical context in order to see where grandaddy Freud was coming from. He did start of from a scientific base, but he drifted into hermeneutic epistemology as a result of his clinical work with neurotic people. His theories evolved as he went along, which many use to attack him.
The problem was, with so many things "explained" by, say, an unresolved Oedipal complex, there was no way to predict, given an unresolved Oedipal complex, which of these many things might occur. The theory was crap.
Freud was trying to do both: explain and predict. He could predict that an unresolved Oedipal conflict would express itself in a person 'marrying his mother' as a result of unconscious motives. In actual fact, modern psychodynamics, object relations and systemic theory support this notion, and there is an impressive body of research to suggest we choose people who are similar to us. Perhaps Freud's knowledge was best described as partial.
It is only when we are able to predict behavior that we are able to see what things might begin to explain it. If we are able to say "when A happens, a person will do B" (or better yet, manipulate A under controlled conditions and demonstrate that B follows), only then can we start to suggest explanations for that connection.
The only problem with that line of thought is that people often change as a result of being studied (this is particularly true in clinical rather than academic psychology). In other words, we are not simply measuring the effect of one variable on the other. This should lead us to question whether psychology can be described as a science. Certainly, there are questions arising on whether the findings in the laboratory can be generalised to real life settings. There are severe problems with the ecological validity of experimental psychology.
As a general rule, we progress from being able to describe, to predicting, to controlling, to finally explaining. If we try to explain first...like Freud, we may be creating a fanciful and elaborate fiction, and nothing more.
One thing I would add is that Freud could cover all his bases: because psychodynamics is not amenable to testing, it can never be proven or disproven. So we are stuck with hypothetical constructs based on inductive use of clinical evidence. In short, the perfect circular argument.