The AUDUSD technical pattern has shifted to the upside and we’re in a bullish sequence.We can see a break above the February’s high 0.7740 level, but we also see a retracement back inside the range as the stochastic indicator is extremely overbought. The upside can be capped below last year high 0.7831, but a break and a daily close will set the stage for more AUDUSD strength. However, to the downside, we have 0.7660 acting as a first intraday support level. A break and a close below it will open the door for a retest of the 0.7610 support before to see another attempt to break higher.
We don’t have much risk events coming from Australia. On Thursday, we have the RBA Meeting Minutes which is going to give us more insights into where the RBA see the interest rate going this year. On Wednesday the RBA Assistant Governor Debelle speaks at the TradeTech FX Asia conference.
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AUDUSD Weekly Forex Forecast – 20th to 24th Mar 2017
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