The AUDUSD is trading near its yearly high level, but it looks indecisive at current price of 0.7600. A break below the big psychological number 0.7500 which is the main support level will for sure switch the pressure to the downside. However a break back above 0.7700 resistance level will put the focus on 0.7750 current yearly high level.
The stochastic indicator is coming of off oversold territory and pointing up, but until either of the mentioned support and resistance level give up the risk remains neutral. A break and a daily close below 0.7500 will open up the door for a retest of the 0.7450 support level while a break above the yearly high 0.7740 can be the catalyst for a big change in the trend. There are no major risk events scheduled on the Australian economic calendar. This means that the AUD/USD exchange rate can be more technical driven.
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AUDUSD Weekly Forex Forecast – 10th to 14th July 2017
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