The Aussie seems trapped in a consolidation between last week’s high 0.7604 and support level 0.7410. The middle of this entire range is the big psychological number 0.7500. The weekly close above 0.7500 suggests that the bulls are still in control, however, we can’t rule out another attempt to break below 0.7500 before the bulls will take control again.
The stochastic indicator is not yet in oversold territory which supports the idea of another dip towards the 0.7500 level. On the upside, the last week’s high 0.7604 followed by resistance level 0.7645 remains the key level to watch. The Australian economic calendar doesn’t have anything to offer us in terms of high risk events. We should expect the AUDUSD to be more sensitive to the technical levels in the coming week.
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AUDUSD Weekly Forex Forecast – 28th May to 1st June 2018
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