AUDUSD Weekly Forex Forecast – 29th Jan to 2nd Feb 2018
The Aussie broke above the big psychological number 0.8000 and even posted a very strong close above it. The current bullish trend has run very fast without AUDUSD being able to post a meaningless correction. Next week we can see the AUDUSD try and retest the round number 0.8000. Only a daily break and close below it can suggest a bigger correction is in play.
On the upside last week high should only act as a minor resistance as we could see a break above it before the sellers to really show up. The Stochastic indicator is already in overbought territory, which suggests the upside should be limited for this time. The Australian economic calendar will bring some heavy risk events that can be the catalyst for some volatility. On Wednesday we have the CPI inflation figures which based on the market consensus we should expect a flat reading. On Thursday the Trade Balance figures are scheduled to be released and traders need to pay attention.
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AUDUSD Weekly Forex Forecast – 29th Jan to 2nd Feb 2018
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