The Aussie is one of the few currency pairs that have managed to put in place some kind of a swing low. The inability to break below the big psychological number 0.7500 and the subsequent rally are confirming the bullish trend. However, in the short term we can expect more consolidation.
The stochastic indicator is already in overbought territory and the resistance level 0.7730 can provide a good wall for the current bullish run. On the downside, the region between 0.7650 – 0.7625 can provide a good support level. Due to the low level of trading activity we should expect more consolidation in the coming days. The Australian economic calendar doesn’t have anything to offer us in terms of risk events. Monday is the first Christmas day and the markets will be closed while the rest of the week we should expect a very quiet market.
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AUDUSD Weekly Forex Forecast – 25th to 29th Dec 2017
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