AUDUSD Weekly Forex Forecast – 27th to 31st August 2018
The AUDUSD has finished the week almost unchanged, but there is no clear direction as long as we trade inside the current price consolidation. On the upside, the first level of interest is the previous week high 0.7382. However, for a chance in trend we need more than just that, we also need a break and a daily close above the top of the previous trading range 0.7443. The stochastic indicator is in neutral territory, so there is no extreme reading that might suggest a change in the trend.
On the downside the first level of interest is the support level 0.7238, but more importantly the previous swing low established at 0.7200 remains the line in the sand for the bulls. The Australian economic calendar will not bring any major risk events that can disrupt the market volatility. Under the current conditions we should expect a more technical driven market, but we can still face some headwinds if the trade war rhetoric between the US and China intensifies.
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