The AUDUSD recent sell-off has the potential to extend lower and retest the 0.7730 support level. A break and a daily close below this support can also put in motion a much bigger sell-off. On the upside the 0.7886 remains our key resistance level. Only a break above 0.7886 can put the bulls in trouble. The stochastic indicator is in oversold territory, so early in the week we can expect more congestion before the big move to happen. A break and a daily close below 0.7730 will extend the downside even further as the next available support level only comes in at 0.7620.
The Australian economic calendar has scheduled some big risk events. Monday we have the RBA Annual Report while on Wednesday we have the inflation CPI figures. Last but not least on Thursday we have the Trade Balance figures that we need to keep an eye on.
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AUDUSD Weekly Forex Forecast – 23rd to 27th Oct 2017
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