AUDUSD Weekly Forex Forecast – 4th to 8th Sept 2017
The AUDUSD is challenging the big psychological number 0.8000 but the inability to post a weekly close above it suggest that we should expect more consolidation ahead. However, the current trading range extends between 0.8065 swing high and support level 0.7790.
The stochastic indicator is already in oversold territory, so if the market decides to go lower the first level of support comes in at 0.7875. On the upside a daily break and close above 0.8000 will not be enough to suggest the bulls are in control, for that we need a close above 0.8065. The Australian economic calendar looks busy with plenty risk events that can distort the price. Tuesday will bring the RBA interest rate decision and the market consensus anticipates no change in the monetary policy as interest rates are expected to be kept at 1.5%. Wednesday we have another important data, the GDP figures which are expected to slightly come higher at 1.8% versus 1.7% previous reading. Thursday we have the Retail Sales figures and Trade Balance numbers which have the potential to produce some volatility.
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AUDUSD Weekly Forex Forecast – 4th to 8th Sept 2017
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