AUDUSD Weekly Forex Forecast – 22nd to 26th Oct 2018
The AUDUSD bulls continue to defend the support level 0.7100 but more importantly the big psychological number 0.7000. As long as we trade above the big round number the bulls should have the upper hand. On the upside the first level of resistance comes at 0.7200 level. A break and a close above 0.7200 will open up the door for a retest of pivot point 0.7346.
On the downside only a break below 0.7000 can resuscitate the bearish trend. The stochastic indicator is in neutral territory and it’s not showing any signs of extreme overbought and oversold readings in the market. We don’t have any notable risk events scheduled on the Australian economic calendar that can cause some volatility. In this regard, we should expect a more technical driven market and the Aussie to be more sensitive to the technical levels.
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