AUDUSD Weekly Forex Forecast – 9th to 13th July 2018
The Aussie has been rallying off of the support level 0.7310 for the third consecutive week developing a bullish reversal bar. However, we still have a very weak weekly close which suggests that we can see further consolidation after another attempt to challenge the big psychological number 0.7500. The first resistance level comes at 0.7470, which also has confluence with the 200 EMA.
The stochastic indicator is in overbought territory which also confirms that the bulls are going to soon run out of gas power to drive AUD/USD further up before the bears show up again. On the downside, the 0.7346 followed by the previous swing low 0.7310 remains the key support levels to keep an eye on. The Australian economic calendar doesn’t have any major risk events scheduled for the upcoming week. However, we can note the proxy-risk events that come out from China: the CPI inflation and the trade balance figures, which can impact the Australian dollar exchange rate.
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