AUDUSD Weekly Forex Forecast – 8th to 12th Jan 2018
The Aussie is in a strong bullish trend and we don’t have any reasons to believe it won’t continue to go higher. However, we do expect the rally to be interrupted by short-term price retracements. The next big hurdle on the upside is the big psychological number 0.8000 but first we have the 0.7986 our resistance level.
The stochastic indicator is still in overbought territory and we can expect more consolidation around current price before we can see some real buying power. On the downside the most important support level is the 0.7800 level which needs to hold for the bullish trend to remain intact. The Australian economic calendar will bring the Unemployed figures which is a big risk event that has potential to disrupt the market volatility. As a proxy risk event we also have the Chinese GDP figures for the last quarter of 2017 which can have an impact on the AUDUSD exchange rate.
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AUDUSD Weekly Forex Forecast – 15th to 19th Jan 2018
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