The Aussie has finished the last week of trading almost unchanged. Neither the bulls nor the bears were able to take control which suggests that we might see more consolidation in the coming weeks. Last week low 0.7670 will remain a point of reference for next week of trading but there is a high probability we can see a sell off below that can quickly fade away. We have minor support level at 0.7640.
On the upside the only notable resistance level comes at 0.7800 but last week high 0.7783 can also play as part of a minor resistance level. Only a daily break and close above 0.7800 can give bulls a chance to try to challenge again the big round number 0.8000. The stochastic indicator is in neutral position so currently we don’t have any oversold readings. There is no big risk event scheduled on the Australian economic calendar so we should expect a more technical driven exchange rate in the coming week.
Previous AUDUSD Weekly Forex Forecast
AUDUSD Weekly Forex Forecast – 26th to 30th Mar 2018
Other Analysis Today