AUDUSD Weekly Forex Forecast – 31st July to 4th Aug 2017
The AUDUSD has made a new high and briefly broke above the big round number 0.8000 before to sell off and give back some of the gains. The big psychological number 0.8000 remains the big resistance level and while we trade below this level we should look for more retracement. On the downside we have 0.7875 acting as intraday support level. A break and a daily close below 0.7875 will open the door for more downside towards 0.7790 followed by 0.7712 support level.
The Australian economic calendar has some important risk events that can impact the market volatility. Tuesday we have the RBA interest rate decision which most likely will set the tone for the coming week. The subdued inflation numbers will most likely keep the RBA to be more cautions to its language in regard to higher rates. Wednesday we have the Building permit numbers followed by the Trade Balance figures on Thursday. Friday, the last trading day of the week will bring the Australian retail sales figures and the RBA monetary policy statement.
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AUDUSD Weekly Forex Forecast – 31st July to 4th Aug 2017
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