The AUDUSD remains in a bearish structure as long as we’re trading below the 0.7500 key psychological number and resistance level. The current price range zone keeps AUDUSD inside a well-defined boundary and only a break below 0.7310 will see price accelerating to the downside. We also have an intermediate support level at 0.7385 from were AUDUSD can bounce. The stochastic indicator also supports the bearish case as we have a bearish hidden divergence.
The Australian economic calendar looks mild as the only notable risk event is the Unemployment figures . The unemployment rate is expected to come steadily at 5.6% while the Employment Change is expected to come more than double from the previous reading. The Fed interest rate decision is the dominant market theme for the week ahead and the US Dollar will be the main driver and with this in mind, we have to keep in mind that the technical levels can be overshot.
Previous AUDUSD Weekly Forex Forecast
AUDUSD Weekly Forex Forecast – 12th to 16th Dec 2016 – Bearish
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