AUDUSD Weekly Forex Forecast – 13th to 17th Nov 2017
The Aussie price range continued to narrow even further. We can’t rule out the possibility of further downside if the support level 0.7625 is broken. A break and a daily close below will open the door for a move towards the big psychological number 0.7500. But, since the stochastic indicator is already in oversold territory we can expect early in the week more range activity.
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On the upside the top of the range 0.7730 remains the key level because a break above will mean the downside is over and we can now expect a bullish correction that can send AUD/USD all the way up to retest the big round number 0.8000. The Australian economic calendar has scheduled some risk events that can be the catalyst for some volatility. On Thursday we have the Unemployment rate and the employment statistic figures which can set the tone for the day for AUD/USD price action.
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