The AUDUSD technical pattern remains in a bullish sequence as the last week sell-off lack momentum and looks corrective in nature. The 0.7600 support level can produce a bounce, however, a break and a close below will expose the big psychological number 0.7500 level. On the upside, we have intraday resistance level at 0.7660 followed by last week opening price 0.7700.
We’re still trading above the 200-day EMA on the daily chart and the stochastic indicator is in oversold territory signaling that we can expect a bounce from current levels. The Australian economic calendar looks mild with no major risk event scheduled. On Thursday we have the RBA assistant governor Debelle is due to speak at the FX Week Australia conference, in Sydney.
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AUDUSD Weekly Forex Forecast – 27th to 31st Mar 2017
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