AUDUSD Weekly Forex Forecast – 11th to 15th Sept 2017
The AUDUSD broke to new yearly high levels reaching 0.8125 which now remains an important resistance level. Only a break and a daily close above this level will open up the door for the current bullish run to overextend all the way to 0.8200 levels. The stochastic indicator is already coming off of overbought territory which can indicate that early in the week we can see a pullback. On the downside, the first level of support only comes at 0.8050 but the big psychological number 0.8000 remains the key level for the AUD/USD exchange rate.
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As long as we trade above this level, we should expect the bulls to remain in control. A break below 0.8000 will be an important shift in sentiment and we can see AUDUSD extending down to 0.7878. The Australian economic calendar will bring only some minor risk events. Thursday the Unemployment rate and the employment numbers are scheduled to be released. Also, the same day we have the Chinese Retail Sales
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