AUDUSD Weekly Forex Forecast – 14th to 18th Nov 2016
The AUDUSD technical pattern is in the process of developing a major swing high after the strong rejection from above the 0.7770 resistance level. We also broke below the up-trendline that connects the lows from the beginning of the year, which suggest that the bullish cycle is over and more downside should be seen. The big psychological figure 0.7500 remains a big support and a big hurdle on the way down, but we’re already seeing a build-up in bearish momentum as the stochastic indicator suggest.
The big round number 0.7500 once broken is expected to act as new resistance on the way down, but based on the current price structure we should expect a smooth sell-off interrupted by very little or no rallies.
A break below 0.7500 will open the door for a retest of the 0.7440 support level where Aussie can pause before more downside to be seen. On the fundamental side Tuesday, traders need to pay attention to the RBA Minutes which can provide further insights into the latest RBA rate decision. Thursday the Unemployment figures are scheduled and as the general consensus suggest we should expect strong job figures and a possible bounce, however the risk remains to the downside and lower jobs figures can exacerbate the bearish momentum.
AUDUSD Weekly Forex Forecast – 7th to 11th Nov 2016 – BEARISH
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