AUDUSD Weekly Forex Forecast – 17th to 21st July 2017
The AUDUSD broke above 0.7748 previous yearly high level opening up for a possible retest of the big psychological number 0.8000 and later on possibly a retest of 0.8200 significant resistance. On the downside we can only expect all pull back to be very short both in price and in time. The first level of support is at June high 0.7712 followed by 0.7635 intraday support level. The stochastic indicator might be already in overbought territory but the price structure suggests this is an impulsive up swing. The line of least resistance remains to the upside for Aussie.
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The Australian economic calendar looks heavy in terms of risk events. On Monday we start off the new trading week with a proxy risk event. China, which is an important trade partner of Australia will release the GDP figures. Based on the market consensus we should see a pick up in the economic growth of 1.7% versus 1.3% forecasted for the second quarter. Tuesday the RBA Meeting Minutes will be the main catalyst for Aussie while Thursday we have the Unemployment figures which can set the tone for the AUDUSD exchange rate.
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