AUDUSD Weekly Forex Forecast – 19th to 23rd June 2017
The Aussie the same like all of the other commodity currencies has seen the most gains against the greenback during the past few weeks. The AUDUSD technical pattern looks strong and while we’re trading above the big psychological number 0.7500 there is a high change in the medium-term we can break to a new 2017 high.
Short-term we can see some more ranging activity as we’ve gone too fast in a very short period of time. We have an intraday support level between 0.7600 – 0.7580 zone where the downside can be held. On the upside, we have resistance at 0.7677 followed by March high 0.7748 which is also the yearly high price.
The Australian economic calendar will bring on Tuesday the RBA Meeting’s Minutes which will give traders more insights into the interest rate policy. Other than that there are no other major risk events that can distort the market volatility.
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