AUDUSD Weekly Forex Forecast – 8th to 12th Oct 2018
The AUDUSD has continued to drift lower, but as long as we stay above the big round number 0.7000 the bulls still have the chance to gain control in the short-term. The dominant trend remains to the downside but this trend looks stretched and a retracement is due any time soon. The first level of resistance is the intraday resistance level 0.7100. A break and a daily close above the 0.7100 level can open the door for a retest of 0.7200.
For a clear change in the trend direction we would need a break and a daily close above the 0.7315. The stochastic indicator doesn’t show any extreme reading on the intraday charts, however on the daily time frame we’re already in oversold territory. On the downside, the next big support level comes at the major swing low 0.6826 established in November 2015. We don’t have any major risk event scheduled on the Australian economic calendar that can disrupt the market volatility. We should expect the Aussie to be more sensitive to the technical levels.
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