The Aussie broke below the 0.7625 support level but was not able to post any significant rally above it. Only a daily close above 0.7625 can suggest that the current downside move is over and we can correct now the prevailing trend. We should quickly run into resistance level at 0.7730 from where a reaction lower should be expected. The stochastic indicator is already in oversold territory but this can also suggest that any rally is just another opportunity to sell with the trend. Now, the big round number 0.7500 should hold the downside but at the same time we can’t expect any significant rally either.
The Australian economic calendar has scheduled some risk events that can be the catalyst for some volatility. On Tuesday we have the RBA Meeting Minutes which can give traders further clues into the interest rates policy and what is the most appropriate time for the RBA to hike rates. Next, we have Governor Philip Lowe speech that can move AUDUSD exchange rate.
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AUDUSD Weekly Forex Forecast – 20th to 24th Nov 2017
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