The Aussie continues to trade above its previous swing low 0.7410 and the fact that we couldn’t post a weekly close below it, we continue to remain bullish. However, we can’t rule out the possibility of a false breakout below 0.7411 before the bullish momentum shows up. Only a daily break and close below 0.7411 can open the door for the AUDUSD to challenge again the major swing low 0.7335. The stochastic indicator has reached extreme oversold readings, which should provide us with at least some type of ranging activity before the next move to show up.
The bulls need to take the big round number 0.7500, so a daily close above 0.7500 can see more acceleration to the upside. But we have to keep in mind we’re still trading in a big consolidation zone. We also have some risk events scheduled on the Australian economic calendar. Tuesday we have the RBA’s Meeting Minutes while Wednesday the RBA Governor Lowe is due to participate in a panel discussion at the European Central Bank Forum on Central Banking, in Portugal.
Previous AUDUSD Weekly Forex Forecast
AUDUSD Weekly Forex Forecast – 18th to 22nd June 2018
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