The AUDUSD continued trading inside a very frustrating range. Normally, as long as we move between the February upward channel we should expect more consolidation, but we’re running out of time and sooner rather than later we should see a breakout. Last week high 0.7740 should now act as resistance, but to the downside, we really need a decisive break below the lower border of the upward channel 0.7640 level. Based on the stochastic indicator we can also note a build-up in bearish momentum.
The Australian economic calendar looks mild and doesn’t have much to offer us in terms of risk events other than the GDP figures. Recent comments from the RBA Governor Lowe suggest that the economic growth has slowed down below the RBA’s target of around 2.5% – 3% which can add fuel to our bearish case.
Previous AUDUSD Weekly Forex Forecast
AUDUSD Weekly Forex Forecast – 27th Feb to 3rd Mar 2017 – Bullish
Other Analysis Today
