AUDUSD Weekly Forex Forecast – 6th to 10th August 2018
The AUDUSD is trading inside a very frustrating trading range. The current consolidation has been going on for 7 weeks and until we have a clear breakout we should expect more of the same. The best strategy is to wait and react to whichever way we get the breakout. If we break and post a daily close below 0.7300 look for the current bearish trend to extend to the downside.
A break and a daily close above the top of the range 0.7470, but more importantly above the big psychological number 0.7500 can signal that a reversal is set in motion. Above these two levels we have 0. 7560 as the next important resistance level. The Australian economic calendar is full of risk events that can disrupt the market volatility. Tuesday, the RBA interest rate decision can give more clarity to the price action. The RBA is expected to keep rates unchanged. Wednesday RBA Governor Philip Lowe is due to hold a speech and also we have as a proxy risk event the Chinese Trade Balance figures.
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