AUDUSD Weekly Forex Forecast – 19th to 23rd Nov 2018
The AUDUSD bulls have continued to remain in control but we’re facing resistance at the 0.7346 level from where we can expect to see a reaction lower. Only a daily break and close above this resistance level can open the door for the rally to continue and possible to challenge the next key resistance level that stands at 0.7443. The stochastic indicator is showing an overbought reading, which means that we need to be patient and wait for a retest before the next leg up to be seen. On the downside, the first level of support comes at the intraday level 0.7260 followed by the key support level 0.7200.
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We only have some minor risk events scheduled on the Australian economic calendar so we should expect a more technical driven market in the week ahead. On Tuesday, the RBA Meeting Minutes is scheduled to be released and then the RBA Governor Lowe is due to deliver a speech titled “Trust and Prosperity” at the Committee for Economic Development of Australia dinner, in Melbourne.
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