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AUD/USD Weekly Forecast January 16-20
AUD/USD closed out the week with an extension of the recent move higher. The pair advanced in each session during last week’s trading, for a total gain of 2%. This represents the third consecutive weekly gain for AUD/USD. With no bearish signs developing on either a daily or weekly basis, the move appears intact and healthy. However, a short-term period of consolidation or correction cannot be ruled out due to several factors. One of those factors is the current overbought condition. Price action is extended, as evidenced by the extreme reading on the Stochastic indicator. In addition, the Moving Average ... (full story)