Despite breaking below the big psychological number 0.7500 the AUDUSD still managed to post a weekly close above it. Now previous week low 0.7470 remains key if the bulls want to have any chance. However, as long as we trade above the big round number 0.7500 on a daily closing basis, we can see at least some more ranging activity before we build up enough energy for the next big swing wave.
The stochastic indicator is near overbought territory, but we still have more room to the upside before we really get an extreme stochastic reading. Last week high 0.7580 remains the first level of resistance which can be easily broken and only a daily close above it can give us hope for a deeper retracement. The Australian economic calendar only has some moderate risk events that can be the catalysts for some volatility. Tuesday we have the Retail Sales followed by the Budget report which can give further clarity for the price.
Previous AUDUSD Weekly Forex Forecast
AUDUSD Weekly Forex Forecast – 7th to 11th May 2018
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