AUDUSD Weekly Forex Forecast – 1st to 5th Jan 2018
The Aussie has had a strong rally but now we reached a resistance level from where the price has a chance to provide us with a retracement before the current bullish run resumes. The current resistance level at 0.7800 can provide us a sell off towards the first support level that only comes at 0.7730. The stochastic indicator is starting to reset itself after it has been in overbought territory for quite some time now. At least in theory we can expect the price to pause until the stochastic indicator resets.
The Australian economic calendar has only the Trade balance figures as risk events that can distort the market volatility. The biggest risk event of the week remains the NFP report. Based on the market consensus we should expect the unemployment rate to post a solid 4.1% which is the lowest level since 2000. The number of new jobs added during the last month of the year is expected to come slightly lower at 189k.
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AUDUSD Weekly Forex Forecast – 1st to 5th Jan 2018
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