AUDUSD Weekly Forex Forecast - 22nd to 26th May 2017

AUDUSD Weekly Forex Forecast – 22nd to 26th May 2017

AUDUSD Weekly Forex Forecast – 22nd to 26th May 2017

The AUDUSD has successfully managed to have the first positive weekly close in the last 5 weeks. We’re still trading below 0.7500 the big psychological number which is the obviously first major resistance level that can define whether or not we are in a new bullish trend or not. To the downside the first major support remains 0.7330 but, before that we have the 0.7425 intraday support level. The stochastic indicator is already in overbought territory, so expect more consolidation in the first hours of the new trading week before AUDUSD to try another attempt to break above 0.7500. Only a daily break and a close above 0.7500 should signal that a reversal is in place in which case we can expect a retest of 0.7600.

The Australian economic calendar will bring some minor risk events. On Monday the RBA Assist Gov Debelle is due to deliver a speech in Basel and on Thursday he will be speaking at the launch of the FX Global Code, in London. Donald Trump’s first foreign trip in the Middle East can produce some headlines that can be the source of some volatility in the market as well. 

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AUDUSD Weekly Forex Forecast – 22nd to 26th May 2017

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