The Aussie unexpectedly was among the weakest currency against the greenback. The sell off brought the AUDUSD to new lows but since the stochastic indicator is already in extreme oversold territory we can expect early in the week the bearish momentum to fade away. Our next support only comes at 0.7650 but it should take a lot of effort to get back down there. On the upside the only major resistance level comes at the previous support 0.7800 which now should act as resistance.
We have some notable risk events scheduled on the Australian economic calendar. On Tuesday, the RBA Meeting’s Minutes followed by the RBA Assistant Governor Bullock speech are the risk events that trader should pay attention. Last but not least, Thursday will bring the Australian unemployment rate which tends to have high impact on the currency exchange rate.
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AUDUSD Weekly Forex Forecast – 19th to 23rd Mar 2018
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