AUDUSD Weekly Forex Forecast – 20th to 24th August 2018
The AUDUSD is finishing the week almost unchanged after we broke to new low hitting new lower grounds for 2018. Last week low 0.7201 is a very weak support level and there is a high risk that we might break below that level. The most important support level is 0.7150 from where the Aussie has a bigger chance to rally.
On the upside the first level of resistance is the 0.7346 from where AUDUSD can resume lower. Only a daily break and close above this level can open up the door for a retest of resistance level 0.7440. But since the stochastic indicator is already showing an overbought reading we need to wait for a retest before the bulls can have a say.
The Australian economic calendar doesn’t have any scheduled risk event other than the RBA governor Lowe speech at the Australian Securities and Investments Commission’s National Financial Capability Strategy 2018, in Canberra. Also, the RBA Governor Lowe is due to participate in a panel discussion at the Federal Reserve Bank of Kansas City Symposium, in Jackson Hole.
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