The AUDUSD bounce lacks momentum and it can quickly fade away. There is no clear bias and thus we can expect more price range unless some real momentum can be seen. On the upside, we have the resistance level 0.7875 and any break above, it can quickly fade away. However, a daily close above 0.7875 can open the door for a possible retest of 0.8000 big psychological numbers. On the downside o.7800 remains our first intraday support. A break and a daily close below will open the door for a retest of the last week low 0.7730. The stochastic indicator is already in oversold territory and we might see first a reaction lower.
The Australian economic calendar will bring some big risk events. First, we have the RBA’s Meeting Minutes scheduled on Tuesday and on Thursday we have the Unemployment rate. We can also point as a proxy risk event the Chinese GDP figures scheduled for Thursday as well.
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AUDUSD Weekly Forex Forecast – 16th to 20th Oct 2017
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