The Aussie has finally managed to rally and the close above the resistance level 0.7626 looks promising for the bullish case. Now, if the old resistance, new support principle holds true then, we should expect this price to hold. However, we need some time until the stochastic indicator resets itself. A daily close below 0.7626 can see AUDUSD retesting again the big psychological number 0.7500. On the upside, the next level of resistance comes at 0.7730 from where we can see a reaction lower.
The Australian economic calendar will bring the Mid-year economic and fiscal outlook, which can disrupt the volatility. Next on the calendar is the RBA minutes scheduled on Tuesday which will give traders more insights into the RBA interest rate policy. The US Government Shutdown limit has a deadline on Friday and more likely it has the potential to promote some volatility if through the week we learn that there are not enough votes to pass the limits.
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AUDUSD Weekly Forex Forecast – 18th to 22nd Dec 2017
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