AUDUSD Weekly Forex Forecast – 3rd to 7th Sept 2018
The AUDUSD is threatening to break to new lows after another awful week that saw Aussie unable to break above the key resistance level 0.7345. However, we also broke below the previous swing low 0.7200, which now suggests that the big bearish trend has still more room to advance to the downside. The stochastic indicator is showing an oversold reading so for the time being there is a chance the bulls will try to defend the key level 0.7200.
A break and a close below 0.7200 will open up the door for more downside and we’re going to challenge the 2016 low. On the upside only a daily break and close above 0.7345 can suggest a reversal. There is some notable risk events scheduled on the Australian economic calendar. Wednesday the GDP figures are expected to show a 0.9% economic growth activity versus 1.0% previous reading. Thursday the Trade balance figures will give further clarity to the price action.
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