The AUDUSD continued to follow its bearish path as last we managed to make a conclusive new low below 0.7310. Going forward we should expect a bounce but we should expect any rally to be limited. From a technical perspective we have the first major level of resistance at 0.7385 and 0.7400 round number while a break above this level will expose 0.7440 intraday resistance.
Due to the holiday season it’s very unlikely for the market to continue to the downside so we should expect 0.7250 level to provide us with a good level of support. The stochastic indicator is in extreme oversold condition making the case for a downside break very unlikely and that’s the reason why we see further range.
The Australian economic calendar will bring the RBA Meeting’s Minutes as well as the Mid-Year Economic and Fiscal Outlook which can be the catalyst for some volatility on Tuesday. Traders need to be nimble and cautious because of the low liquidity that can be the catalyst for some erratic price movement.
Previous AUDUSD Weekly Forex Forecast
AUDUSD Weekly Forex Forecast – 19th to 23rd Dec 2016 – Bullish
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