The AUDUSD has found support around August’s low 0.7800 support level. We are already being able to see longer wicks to the downside which might indicate buyer presence. However, only a break and a daily close above the 0.7875 resistance level can confirm that we’re ready to resume the bullish trend.
The stochastic indicator is already pointing and the fact that we don’t have much resistance on the upside until the big psychological number 0.8000 it can help the bulls in this case. For the bearish case only a break and a close below 0.7800 can be a positive sign. The Australian economic calendar will bring the RBA interest rate decision on Thursday which is more likely to set the tone and the direction for the AUDUSD price. The market consensus is for a no change in the interest rate policy in which case it will all come down to the language used.
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AUDUSD Weekly Forex Forecast – 2nd to 6th Oct 2017
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