The Aussie has managed to bounce off of important support level 0.7645 and as long as we stay above it we can conclude that the bulls have a chance to bid AUDUSD higher. However, a daily break and close below 0.7645 will open up the door for a retest of the big psychological number 0.7500. On the upside last week high 0.7810 can act as resistance and can provide the seller with another opportunity to try bring AUDUSD down and take out the 0.7645 level.
The stochastic indicator is in neutral territory, so no extreme conditions are seen currently in AUDUSD exchange rate. On the upside a break above last week high 0.7810 can open up the door for a retest of 0.7890 next important resistance levels. The Australian economic calendar will bring the RBA Meeting’s Minutes on Tuesday, followed by Chinese GDP figures. On Thursday the Unemployment rate is set to drive the AUDUSD exchange rate as the market is expected a 5.4% reading versus 5.6% previous reading
Previous AUDUSD Weekly Forex Forecast
AUDUSD Weekly Forex Forecast – 16th to 20th April 2018
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