AUDUSD Weekly Forex Forecast – 17th to 21st Sept 2018
The AUDUSD has found support at the 0.7080 level and manage to erase the previous week losses. As long as we trade above the 0.7080, the Aussie should see more strength and a deeper correction. The weekly close below the former resistance level 0.7200 has shown that the bulls are lacking power. We need a daily break and close above 0.7200 in order for Aussie to see a deeper retracement.
The stochastic indicator doesn’t show any extreme readings so we can’t expect for a major move. For the current bearish trend to be considered done, we really need a close above the big psychological number 0.7500 which right now is still too far away. The Australian economic calendar has some big risk events scheduled to be released during the upcoming week. On Tuesday, the RBA Meeting’s Minutes will give further clarity to the price action. On Wednesday the RBA Assistant Governor Kent is scheduled to speak, while on Thursday we have the RBA Bulletin.
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