The AUDUSD continues to trade in a very precise trading range. The big psychological number 0.8000 is still holding the upside quite well and is acting as the resistance of the trading range. A break above 0.8000 and a daily close will expose the 0.8065 current year’s high and will open up the door for the bullish trend.
The stochastic indicator is not quite yet in overbought territory, so early in the week we can expect a little bit of more upside before finally to retest again the first level of support 0.7875. A break below this will expose the 0.7790 support level. There is no news events scheduled on the Australian economic calendar. However RBA governor Lowe is scheduled to speak at the Jackson Hole Symposium.
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AUDUSD Weekly Forex Forecast – 21st to 25th Aug 2017
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