The AUD/USD continues to trade in a wide range as neither the bulls nor the bears have full control of this market. On the technical side, Aussie is poised to retest the big psychological number 0.7500 and can go as low as 0.7440 before any real support to be found. If the AUD/USD will continue to follow its range pattern then we can expect a bounce from here and a possible retest of the 0.7550 after the sell-off.
The Stochastic indicator is also pointing towards a loss in the bullish momentum as it has started making lower highs. Short-term we might be in oversold conditions, but this can be very fast erased with a retest of the 0.7550 level before lower again.
On the fundamental side, it seems that the interest rates speculation is the main driver behind the broad-based dollar strength. As of today, the Fed funds rate are pricing in a 65% probability of a December rate hike, which has caused the investors to buy the greenback. There are no major news events coming out from Australia so again we should have a very technical market.
AUDUSD look set for a bullish start but the overall picture for AUDUSD is still heading south. We feel that this will be another bearish week for AUDUSD unless it breaks key resistance convincingly this week.
AUDUSD Weekly Forex Forecast – 10th to 14th Oct 2016 – BEARISH
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