AUDUSD Monthly Forex Forecast for August 2018
The Aussie remains trapped in a very narrow trading range between support level 0.7300 and the big psychological number 0.7500. As long as we trade between these two S/R levels we should expect more consolidation. However, with the summer trading conditions in full swing mode, we can’t rule out the possibility to see some false breakouts on both sides of the market. The stochastic indicator is in neutral mode, so there are no extreme readings in the market. Above resistance level 0.7500 we can mention the next significant level as being the pivot point 0.7650.
While, on the downside, we can mention the intraday support level 0.7220. There are no major risk events that can disrupt the AUD/USD volatility other than the ongoing trade war rhetoric between the USA and China, which can act as a proxy risk event for the Australian Dollar. The RBA is also not expected to make any major changes in its monetary policy during the coming months, so we should expect a more technically driven market.
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