AUDUSD Weekly Forex Forecast – 3rd to 7th Dec 2018
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The AUDUSD bullish trend continues to remain intact but the bulls need to overtake the key resistance level 0.7346 in order to see the bullish momentum accelerate to the upside. A daily break and close above 0.7346 will open up the door for a retest of the resistance level 0.7443. On the downside, the first level of support comes at the 0.7200 level which also aligns itself with the 200 moving average. Only a daily break and close below 0.7200 can signal a shift in the trend direction.
We also have some high risk events scheduled on the Australian economic calendar. RBA interest rate decision is scheduled to be released on Tuesday. The market consensus is for the RBA to keep rates unchanged at 1.5%. Wednesday, the GDP figures for the third quarter are scheduled to be released and Thursday the Trade Balance figures are another risk event that can disrupt the market volatility.
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