The Aussie has broken below the yearly opening price 0.7793 which is a sign of weakness. If we really want to trade higher we need to hold above the yearly open price. Last week low can be broken because our next important support level is right below it at 0.7730. To the upside the first significant support level is at 0.7800 near the yearly opening price. A daily break and close above will open the door for a retest of the next resistance level 0.7880.
The stochastic indicator has spent quite some time in oversold territory without giving us any reset. The crossover already happened which can be an indication that a retracement is underway. The Australian economic calendar has one major risk event scheduled for this Thursday. The Unemployment rate is expected to inch lower to 5.3% versus 5.5% previous reading while the Australian economy is expected to add more than 25k new jobs.
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AUDUSD Weekly Forex Forecast – 12th to 16th Feb 2018
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