The AUD/USD reaction from the big psychological figure 0.7500 looks constructive for our bullish scenario in the coming week. Another attempt to retest the 0.7500 level in the beginning of the week looks quite possible, but it should quickly fade away. Only a daily break and close below this figure will suggest more downside is in cards otherwise our base premise remains bullish. The Aussie can easily target the 0.7700 resistance level and swing high which can be also the high of the week however, the RBA rate decision can inspire a more sustained rally as well.
On Tuesday, all traders need to be cautious as the RBA rate decision is scheduled during the Asia session. After the RBA July rate cut that sent the benchmark interest rate to a historical low level of only 1.50% there is little scope for another rate hike ahead of the Fed rate decision. A no rate hike a less dovish rhetoric can provide the needed bullish momentum that can send Aussie to even challenge 2016 high at 0.7832, but first, it needs to break above the August’s high 0.7760 for this scenario to be confirmed.
AUDUSD Weekly Forex Forecast – 5th Sept to 9th Sept 2016 – BULLISH
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