The AUDUSD has another failed attempt to break above the big psychological number 0.8000. We had a nice reaction lower from this level right into our first level of support 0.7880 which if holds it should provide us with a bounce and hopefully a successful break of 0.8000. Only a break above this big round number should confirm the bullish case.
The stochastic indicator is moving away from overbought territory and as long as it stays above the 50 mark it should confirm the bullish momentum. On the downside we can note the next level of support at 0.7800 which can provide us with another bounce if reached. We can note only two risk events on the Australian economic calendar that have the potential to be the catalyst for some volatility. Monday the RBA Assistant Governor Bullock is scheduled to speech and Thursday we have the RBA Meeting’s Minutes which should provide traders with more details into the RBA’s monetary policy.
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AUDUSD Weekly Forex Forecast – 19th to 23rd Feb 2018
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