The AUDUSD has managed to hold above the key support level 0.7200 but it’s hard to gauge the market sentiment when we’re trading in a very messy trading range. The only certainty we have is that the long-term trend remains to the downside. In the short-term, as long as we trade above 0.7200, we can expect the Aussie to challenge again the key resistance level 0.7346. However, first we need to clear the previous week high 0.7315.
The stochastic indicator doesn’t give us any clues as it doesn’t show any extreme reading. On the downside we should keep an eye on the intraday support level 0.7142 followed by the swing low established at 0.7085. The Australian economic calendar will bring the RBA interest rate decision which can provide further clarity to the price action. However, since the market consensus is for no changes in the policy rate, we can’t expect big directional changes in the AUDUSD exchange rate.
Previous AUDUSD Weekly Forex Forecast
Other Analysis Today