AUDUSD Weekly Forex Forecast – 17th to 21st Dec 2018
The AUDUSD only managed to recover some of the previous week losses. Currently, Aussie is trading inside a very narrow trading range between intraday support level 0.7179 and resistance level 0.7242. Only a daily break and close above 0.7242 can resurrect the bullish trend and a possible retest of the resistance level 0.7346. The stochastic indicator isn’t showing any extreme overbought or oversold reading, which can indicate that the current range might continue.
On the downside, a daily break and close below 0.7179 levels can open up the door for a deeper retracement and a possible retest of the support level 0.7098. The only major risk events scheduled on the Australian economic calendar is the RBA Meeting’s Minutes scheduled to be release on Tuesday. But the major risk event is the Unemployment rate, which is going to be released on Thursday.
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