The Aussie has made a new marginal low but no real follow through was seen. As long as we trade above last week low 0.7643 the bullish side should prevail. However, a daily break and close below 0.7643 can help the bearish trend to extend to our next major support level at 0.7500.
The stochastic indicator is already in overbought territory so we need to give it more time to reset before the bulls can have any chance. Last week high 0.7757 remains the line in the sand for the bears. A break above it can open the door for a retest of the resistance level 0.7800. The Australian economic calendar is heavy on risk events. On Tuesday the RBA will announce its interest rate decision while on Thursday we have the Trade balance figures.
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AUDUSD Weekly Forex Forecast – 2nd to 6th April 2018
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