AUDUSD Weekly Forex Forecast – 15th to 19th May 2017
The AUDUSD has been pressing to the downside for the most part of the last week. As long as Aussie trades below the 0.7500 big psychological number there is a risk for the downside movement to extend more to the downside. We also have an important intraday resistance level between the 0.7425-0.7450 zones where AUDUSD might find some sellers.
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To the downside the first level of support obviously is the previous week low 0.7328. A break and a daily close below this level will expose daily support level 0.7280. The stochastic indicator is already in overbought territory, so early in the week we can expect to see another attempt to break lower or at least we’ll have some consolidation.
The Australian economic calendar has quite a lot to offer in terms of risk events. Tuesday, traders need to pay attention to the RBA Meeting’s Minutes as a possible catalyst for some volatility. Wednesday we have the Westpac Consumer Confidence Index while Thursday will bring the Unemployment figures which since the beginning of the year showed a weaker labor market.
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