The Aussie is displaying more consolidation between 0.7346 support level and resistance level 0.7470. The line in the sand between the bulls and the bears is defined by the big psychological number 0.7500. A daily break and close above this level can open up the door for a retest of the next key level 0.7560. On the downside, only a break below the key swing low 0.7310 can open the door the downtrend to resume, but since the summer trading condition are settled in we can expect a lot of false breakouts too.
The stochastic indicator is also in the process to enter in overbought territory, so be cautious about it. The Australian economic calendar has some high risk events that can be the catalyst for some volatility. Tuesday, we have the CPI inflation figures followed by the RBA Meeting’s Minutes. Thursday is the highlight risk event as the Unemployment data can provide more clarity to the PA.
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AUDUSD Weekly Forex Forecast – 16th to 20th July 2018
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