AUDUSD Weekly Forex Forecast – 14th to 18th 2019
The AUDUSD rally has continued to extend to the upside signaling that a major swing low has been put in place at the 0.6746 level. The weekly close near the pivotal level 0.7200 is very constructive for the bullish case scenario. On the upside, the next resistance level of interest only comes at 0.7311 levels.
The stochastic indicator is moving away from the overbought territory and we need to expect a full reset before the bulls to show up again. On the downside, the first major support level comes at the 0.7100 level, but in order for it to be reached we need a break of the key 200 moving average. The Australian economic calendar doesn’t present any risk events that can generate some volatility. However, we can mention as a proxy risk events the Chinese Trade Balance figures which can be the catalyst for some volatility.
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