The Aussie continued to struggle to gain any momentum to the upside and it seems poised for a retest of the 0.7500 before the bulls to have a change to drive this currency upwards. However, the intraday support level 0.7600 can be a big hurdle to overcome and it can stop the downside for a bounce. The stochastic indicator is moving towards oversold territory so this can be a warning sign that sooner rather than latter the bulls will get in charge. On the upside the 0.7730 resistance level, followed by 0.7800 levels can provide us with a reaction lower.
The Australian economic calendar is packed with big risk events that have the potential to disrupt the market volatility in a big way. On Tuesday we have the RBA interest rate decision that can which can set the tone for the AUD/USD price action. Based on the market consensus the RBA is expected to hold rates on hold at 1.5% but the RBA can really signal a shift in the interest rates policy in the coming months as more major central banks are moving towards a tightening cycle.
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AUDUSD Weekly Forex Forecast – 6th to 10th Nov 2017
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