AUDUSD Weekly Forex Forecast – 13th to 17th August 2018
The AUDUSD has reached new lows for 2018 after it broke below the previous swing low and reached 0.7281 before bouncing slightly higher. On the downside, the next significant level comes at the major swing low 0.7160 that was established on December 2016. On the upside, the first level of interest only comes at 0.7346. A daily close above 0.7346 will confirm that the current break is false and the previous trading range can extend further. The top of the range remains the resistance level 0.7443.
The stochastic indicator is already showing an extreme oversold reading so early in the week we can expect a bounce. The downside should be limited until the stochastic indicator reset itself and move out of the bullish reversal reading. The Australian economic calendar only has one risk event scheduled for the next week. The Unemployment rate is set to be released on Thursday. Based on the market consensus the Unemployment rate is expected to inch high to 5.5% versus 5.4% previous reading. Also, the Australian economy is expected to add fewer jobs in July.
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