AUDUSD Monthly Forex Forecast for July 2018
The Aussie completely reversed the strong rally we saw in the beginning of the year and the break below the previous major swing low 0.7330 is actually very bearish for the AUDUSD. However, after another dip below 0.7300 we should see some reaction higher and possibly a retest of the big psychological number 0.7500. A daily break and close above 0.7500 can open the door for more gains and a retest of the next important resistance level 0.7650.
The stochastic indicator is already moving away from the oversold territory which supports the bullish case, but first we need more evidence of the rally before to commit anything on this trade idea. On the downside, a weekly close below 0.7300 can open the door for more weakness and a retest of the 2017 swing low 0.7160. The US-China trade war can be the only proxy-risk event that can disrupt the AUD/USD volatility, but as the summer trading conditions settle in, we should see more consolidation.
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