AUDUSD Weekly Forex Forecast – 7th to 11th Aug 2017
The AUDUSD has found a strong resistance level at the big psychological number 0.8000. This is the third consecutive week AUDUSD reacts lower and isn’t able to break above it. Until we remain below 0.8000 the risk remains skewed to the downside and we could see a deeper retracement. For the time being AUDUSD seems also trapped in a consolidation zone between support level 0.7875 and 0.7990 and 0.8000 resistance level. Just below our support level, we have 0.7790 followed by 0.7712. AS long as we’re trading within these boundaries we should expect more range.
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The Australian economic calendar is stripped of risk events that can move the market, but we have some proxy risk events like the Chinese Trade Balance figures scheduled to be released on Tuesday. Next day, on Wednesday we have the Chinese CPI inflation figures which can put some pressure on the AUDUSD exchange rate.
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