The AUDUSD is continuing to consolidate in a very narrow and frustrating trading range. Since there are no signs of any extreme oversold or overbought readings we should expect the market to produce false breakouts on both sides of the market. On the downside, we have our key support level 0.7346 followed by the swing low 0.7300, which traders should keep an eye on. On the upside, the top of the range 0.7443 followed by 0.7480 are the key resistance levels ahead of the big psychological number 0.7500. The stochastic indicator is in neutral territory, so not much should expect.
The Australian economic calendar has some high risk events scheduled for the next week. Thursday, we have the Trade Balance data and Friday the retail sales can provide some volatility. However, the main risk events come from the other side of the monetary policy spectrum aka the Fed interest rate decision. The market consensus is for the Fed to keep interest rate unchanged at 2%.
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