AUDUSD Weekly Forex Forecast – 4th to 8th Dec 2017
The Aussie couldn’t manage to post a weekly close above the resistance level 0.7625 but last Friday can have the potential to continue once we get a daily close above 0.7625. However, a break and a daily close below 0.7530, but more importantly below the big psychological number 0.7500 can rapidly change the picture into a bearish scenario. The stochastic indicator is not yet in overbought territory and if we manage to break above 0.7625 early in the week then there is a big probability that we can see the next resistance level 0.7730 hit by the end of the week.
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The Australian economic calendar has scheduled some major risk events that can drive the AUD/USD volatility. On Tuesday, we have the RBA interest rate decision and while the consensus is for no change in the monetary policy the market driver stand in the RBA rhetoric. There are growing speculations that the RBA will start raising rates in the first half of 2018, in which case there is big potential of AUD/USD breaking higher.
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