The Aussie broke below the big psychological number 0.8000 and posted a strong weekly close below but we can still see another bullish attempt to regain that level. That is also our first major resistance level that can define the trend for the next weeks to come. The current sell off has also some potential to extend lower and test 0.7885 before any meaningful rally to be seen.
The stochastic indicator is already in extreme oversold territory and it suggests that we might see first some consolidation before any real big move is seen during the week. The Australian economic calendar will bring some risk events that can be the catalysts for some volatility. On Tuesday we have the Australian retail sales but more importantly we have the RBA interest rate decision and monetary policy statement. According to the market consensus the interest rate should be kept unchanged at 1.5%. Thursday we have as a proxy risk event the Chinese Trade balance figures that can dictate the AUD/USD exchange rate. Last but not least on Friday, we have the RBA Monetary policy statement.
Previous AUDUSD Weekly Forex Forecast
AUDUSD Weekly Forex Forecast – 5th to 9th Feb 2018
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