AUDUSD Weekly Forex Forecast – 21st to 25th Nov 2016
The AUDUSD has been making an important advance to the downside and has reinforced that we’re at least into a major correction or possibly we’re seeing a resurrection of the bearish trend started from 2013. On the technical side, the first major support level only comes at 0.7280 followed by 0.7145 which is a major swing low. On the upside, we have the 0.7420-0.7440 possibly acting as resistance. Most likely this region can be tested early in the week as the Stochastic indicator has fallen deep into oversold territory.
On the fundamental side, the Australian economic calendar doesn’t bring any major risk events that can drive volatility up. We can expect AUDUSD to be a very technical driven pair and the broad-based dollar strength sentiment should prevail. Overall the market lacks the fundamentally needed driver to push the current trends further and it may be the case we’re going to have a very slow week in price developments and more ranges should be expected.
AUDUSD Weekly Forex Forecast – 21st to 25th Nov 2016 – BEARISH
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