AUDUSD Weekly Forex Forecast – 21st to 25th May 2018
The Aussie has managed to hold above the previous swing low and it also posted a modest close above the big psychological number 0.7500. The weak close above the round number 0.7500 suggests that we can see another attempt to break lower. As long as we stay above 0.7500 on a daily closing basis, we should expect the upside to prevail. The 0.7470 is the first level of support where any sell-off can find some troubles.
The stochastic indicator is in neutral territory, so there are no extreme readings currently in the market. On the upside the 0.7565 remains our first area of interest, and a close above it can open the upside for more strength. There are no major risk events on the Australian economic calendar so we should expect a more technically driven market thus more sensitive to the technical levels.
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