The Aussie like every other dollar cross currency has lost ground against the greenback. However, we have yet to decisively break into bearish territory as we’re still trading above the most recent swing low 0.7761 which should hold the downside for the time being. Only a daily break and close below will suggest that we’re going to see a much deeper pullback.
On the upside, first level of resistance comes at 0.7880. A break above will open the door for a retest of the big psychological number 0.8000 which should hold the upside for now. The stochastic indicator is moving away from oversold territory and it’s in neutral mode so we don’t have any extreme reading that might suggest that a reversal is underway. There is no major risk events scheduled on the Australian economic calendar but we can mention as a proxy risk event the Chinese Caixin Manufacturing PMI figures which can have an impact on the AUDUSD exchange rate.
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AUDUSD Weekly Forex Forecast – 26th Feb to 2nd Mar 2018
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