The AUDUSD is on the verge to make new lows for the year, however, since we’re still trading above the previous swing low 0.7642, we can expect any sell offs below that swing to be short lived. Currently, the Aussie trades inside a wide consolidation between 0.7645 support level and 0.7773 resistance level and as long as we trade inside this price limits we should expect more consolidation.
The stochastic indicator is already in oversold territory and we should expect the sell off to slow down for the time being. However, a daily close below the current trading range can open the door for more weakness towards the big psychological number 0.7500. The Australian economic calendar will bring the CPI inflation figure which is expected to inch lower to 0.5% versus 0.6% previous reading. Thursday we have the ANZAC holiday which means that we should expect lower trading activity.
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AUDUSD Weekly Forex Forecast – 23rd to 27th April 2018
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