The AUDUSD has been trapped inside a very narrow range few pips below the big psychological resistance 0.8000. The 0.8000 resistance level remain the key level and the line in the sand, a break and a daily close above this figure will open the door for the bullish trend to resume.
The stochastic indicator is already in overbought territory a signal that can trigger early in the week a retest of intraday support level 0.7875. A break and a daily close below support level will open up the door for a retest of 0.7790. However, as long as we trade within the limits of the current range expect more consolidation.On the Australian economic calendar we can’t see any notable risk event so expect the market to be driven more by the technical levels.
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AUDUSD Weekly Forex Forecast – 28th Aug to 1st Sept 2017
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