The Aussie continues to trade above the big psychological number 0.7500 which is the reason why the AUDUSD has another change to retest the resistance level 0.7645. Last week high 0.7677 remain the key resistance level on the upside, but in order to see trend expansion to the upside we need a weekly close above 0.7677. The stochastic indicator is already in oversold territory which suggests that the downside should be limited moving forward.
Only a daily break and close below 0.7500 can shift the sentiment, but for the bears to have full control we really need a break below current swing low 0.7414. Until that happens, we can expect more consolidation. On the Australian economic calendar we can note the following risk events. The RBA Governor Lowe is due to deliver a speech titled “Productivity, Wages, and Prosperity” at an Australian Industry Group event, in Melbourne. Thursday the Unemployment rate should provide more volatility and more clarity to the price action.
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AUDUSD Weekly Forex Forecast – 11th to 15th June 2018
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