AUDUSD Weekly Forex Forecast – 24th to 28th July 2017
The AUDUSD come close to break above the big round number 0.8000 but it found resistance at 0.7988 from where it started to consolidate its recent gains. Next week we should expect last week high to act as resistance and see more consolidation as the current rally has run too fast in a very short period of time. The stochastic indicator still has room to move into oversold territory so we have time for a pull-back. Last week low 0.7785 is the first level of support from where AUDUSD can bounce. A break and a daily close below will extend the retracement even further down to the significant support level 0.7712.
We have some big risk events scheduled on the Australian economic calendar. On Wednesday we have the CPI inflation figures which dropped to 0.5% for two consecutive months. On Thursday we have the US Durable Goods orders as a proxy risk event. The Durable Goods orders are expected to inch higher to 3.1% versus -.08% previous reading.
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AUDUSD Weekly Forex Forecast – 24th to 28th July 2017
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