The Aussie like all the other commodity currencies has been weakening against the greenback. Since the stochastic indicator is already moving away from the oversold conditions we can expect at least a retest of the former support level 0.7730 which should now act as resistance. However, a break and a daily close above this level will open the door for more strength towards 0.7800.
On the downside, only a break and a daily close below 0.7624 will add more fuel to the sell-off but, until then we can expect more ranging activity as we already move to fast in a very short period of time. The Australian economic calendar is packed with only modest risk events. First, we have the Trade Balance figures scheduled on Thursday but we also have the Retail sales on Friday. On top of that we can also note some proxy-risk events from China, which have the potential to stir some volatility.
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AUDUSD Weekly Forex Forecast – 30th Oct to 3rd Nov 2017
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