AUDUSD Weekly Forex Forecast – 29th Oct to 2nd Nov 2018
The AUDUSD continues to trade above the big psychological number 0.7000 in a tight trading range. We need a daily break and close above intraday resistance level 0.7160 in order to be able to escape the current consolidation. However, for a material change in the trend direction, we need for the bulls to challenge again the resistance level 0.7200. A daily break and close above 0.7200 will open up the door for a deeper pullback towards resistance level 0.7346. The stochastic indicator is in neutral territory and doesn’t signal any extreme conditions in the market.
For now the bears need to break below the big round number 0.7000 which will open the door for a retest of the major swing low established at 0.6827 level. The Australian economic calendar is full of risk events that can be the catalyst for some volatility. First, on Wednesday we have the CPI inflation figures which are expected to come flat. Thursday, the Trade Balance figures will shape the price action. And Friday, the Retail Sales should give more clarity to the price action.
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