AUDUSD Weekly Forex Forecast – 14th to 18th Aug 2017
The AUDUSD didn’t manage to stay below 0.7875 which is the line between a bullish and bearish trend. The brief breakout didn’t alter the current run up in price and as long as we trade above on a daily closing basis, we should expect AUDUSD to have another attempt to retest the current year high at 0.8065. Obviously the first major resistance level is the big psychological number 0.8000. The stochastic indicator is not yet in overbought territory, so a rally early in the week can’t be ruled out. There is nothing much to be added as short-term, we’re trading in a consolidation that has scope to continue in the coming week.
The Australian economic calendar looks busy. First, we have on Monday the RBA Assistant Governor Kent speech followed by the RBA Meeting’s Minutes. Last but not least on Thursday the Unemployment rate will be the main risk event
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