AUDUSD Weekly Forex Forecast – 12th to 16th Nov 2018
The AUDUSD continues to trade above the key 200 moving average suggesting a shift in the market trend. On the downside, the first level of support is the 0.7200 level which can be challenged early in the week. A break and a daily close below 0.7200 will put in focus the major support level 0.7100. The stochastic indicator is already showing an extreme oversold reading which suggest that we should see a bounce or at least a pause from the 0.7200 level.
On the upside, the last week high 0.7303 is the first level of resistance. A daily close above the last week high will put in focus the resistance level 0.7346. The only major risk event scheduled on the Australian economic calendar is the Unemployment rate. Based on the market consensus the Unemployment rate is expected to inch higher to 5.1% versus 5.0% the previous reading.
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