The AUDUSD continues to respect the current consolidation range. Last week we weren’t able to sustain the gains above the big psychological number 0.8000 and more we even closed the week below the big round number. The current year high 0.8124 remains the big resistance level and while we trade below, we should expect at least more ranging activity.
We have an intraday support level at last week low 0.7908 followed by a much bigger support level at 0.7875. The stochastic indicator is also moving away from oversold conditions and we might expect the current minor bounce to continue early in the week. The view remains unclear as long as we trade within the limits of the current range. Only a break on either side of the range can be the catalyst for some trend development. There are no major risk events scheduled on the Australian economic calendar. In this regard, we should expect a more technical driven AUDUSD exchange rate.
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AUDUSD Weekly Forex Forecast – 25th to 29th Sept 2017
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