AUDUSD Weekly Forex Forecast – 24th to 28th Oct 2016
The AUDUSD price action looks stuck inside a wide consolidation area and the strong rejection from the 0.7735 swing high is very constructive for the bearish case. The stochastic indicator is in oversold conditions and we might see a rally early during the coming week and a retest of the 0.7660 resistance level before more bearish momentum to be seen.
The first level of support comes at the big psychological figure 0.7500 which we can expect to be broken, which will open up for more downside and a retest of the 0.7440 September low. Only a weekly close below the 0.7400 round number will confirm that the larger bearish trend will resume and as long as we stay above this level we should expect a bounce.
The only major risk event is the Australian CPI inflation figures which are scheduled to be released Wednesday during the Asia session. This is a particular big catalyst for the AUD/USD exchange rate, especially after the RBA emphasized the fact that any weak number in the inflation figures will prompt a rate hike from the RBA. According to the general consensus, the CPI inflation figures are expected to come flat at 0.4%.
AUDUSD Weekly Forex Forecast – 24th to 28th Oct 2016 – BEARISH
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