Previous AUDUSD Weekly Forex Forecast
The AUDUSD is correcting the sell-off started from the 0.7778 and can even retest the 0.7500 big psychological number before the bearish trend to resume. However, a break and a close above 0.7500 can be a big warning for the bears and then we should expect more range activity. We can also spot bearish divergence between the stochastic indicator and the price which is an encouragement for the bearish case.
We need a daily close below the 0.7360 intraday support level for more confirmation. While a break below last week low 0.7310 will open up the door for a retest of the May 2016 low. There are no major risk events for the Aussie that can drive volatility higher as the Australian economic calendar looks mild. The focus point or the main risk event of the week remains the NFP figures. This particular NFP report has become more important now that the Fed suggested it’s closer to hike rates again “very soon.”
The US Dollar will be supported and at worse, it will consolidate its current gains until the latest Fed rate decision of the year. Many market participants are waiting for the Fed rate decision so currently, a lot of the smart money is on the sideline. We should remain cautious and the best trading tactics until the Fed rate decision is to fade any dollar weakness.
AUDUSD Weekly Forex Forecast – 28th Nov to 2nd Dec 2016 – BEARISH
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