AUDUSD Weekly Forex Forecast – 10th to 14th Dec 2018
The AUDUSD is testing an important support level at the 0.7200 from where we can expect a possible strong bounce and fill in the previous week trading range. Only a break and a daily close below the intraday swing low established at 0.7166 level can signal a shift in the trend direction. This can also open the door for the bears to try challenge again the next important support level 0.7100.
On the upside the first resistance level only comes at the 0.7346 level, but the previous week high 0.7394 remains the key level the bulls need to overtake. The stochastic indicator is in neutral territory and it doesn’t signal any shift in the trend direction. There are no major risk events scheduled on the Australian economic calendar that can cause some volatility. In this regard, the exchange rate should be more sensitive to the technical support and resistance levels
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