The AUDUSD is in the process of developing a much deeper correction. Even though for the time being we’re still trading below the 0.7500 big psychological number. Early in the week, we can expect a retest of 0.7410 or even 0.7385 before to see AUDUSD challenging again 0.7500. A break above 0.7500 will expose 0.7530 intraday resistance level.
The stochastic indicator is showing a buildup in bullish momentum, however, a break and a close below 0.7385 means the bears are in control again. On the fundamental side, we have the RBA interest rate decision on Tuesday which is expected to drive up volatility. The Reserve Banks of Australia is expected to keep rates unchanged at the historic low level of 1.5%.
On Wednesday the GDP figures are on the docket and the risk are on the upside surprise as the slump in Australia business investment can have a negative impact on the economic growth forecast. On Friday China CPI inflation figures can have a spoiler effect on the AUDUSD exchange rate. The Chinese economic activity has started to pick up thus the prospect for higher inflation has grown up which can be a positive sign for the Australian economy.
Previous AUDUSD Weekly Forex Forecast
AUDUSD Weekly Forex Forecast – 5th to 9th Dec 2016 – Bullish
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