AUDUSD Weekly Forex Forecast – 7th to 11th 2019
The AUDUSD has managed to establish a full reversal and recovered from the flash crash. The bulls also seems to defend the big round number 0.7000 and as long as we trade above it we can expect to see more consolidation or if not a deeper retracement. The stochastic indicator is already in overbought territory so we should wait for a reset before the bulls to show up again.
On the upside, the first major resistance level comes at 0.7200. Only a daily break and close above this resistance level can suggest that a swing low has been put in place near the 0.7000 figure. On the downside, the former resistance level 0.7100 has now turned into a new support level. On the Australian economic calendar we have some risk events that can disrupt the market volatility. On Tuesday, the Trade Balance figures can give more clarity to the price action. As a proxy risk events we also have the Chinese CPI inflation figures.
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