The AUDUSD technical pattern looks stuck in a very narrow trading range between 0.7732 resistance level and 0.7500 big psychological number. Until we don’t have a clear breakout out of this range the likelihood is for further consolidation, but the risk still remains for a break to the downside. The middle of this trading range comes at 0.7600 where we can expect an intraday support level.
The Stochastic indicator is also in overbought conditions and warns for a reset and subsequently for the AUDUSD sell off. But first, we can expect early in the week, another attempt to retest 0.7732 resistance level. We also have a very soft Australian economic calendar which means that the US election spillover effect will be the main catalyst in driving up the volatility. The turmoil around the US election as many Wall Street analysts forecast can be another Brexit for the market.
AUDUSD Weekly Forex Forecast – 7th to 11th Nov 2016 – BEARISH
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