AUDUSD Weekly Forex Forecast – 10th to 14th Sept 2018
The AUDUSD has continued to slide and open up the downside more. Now even though the bearish trend seems stretched there is still plenty of room to drop further. The next major obstacle for the Aussie is the big psychological number 0.7000 where we should expect the bulls to at least try to defend this level. The stochastic indicator is already in oversold territory, so we should expect the bears to take it slow until the oscillator resets itself.
On the upside, the first level of interest is the intraday resistance level 0.7200 followed by the 0.7364, which is the bottom of the previous trading range, but we would need more conviction for this level to be touched anytime soon. The Australian economic calendar will also bring some notable risk events that can disrupt the AUD volatility. Monday the RBA Assistant Governor Bullock is due to speak and Thursday the Unemployment rate will give more clarity to the price action.
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