The AUDUSD decline stopped near the big psychological number 0.7500 and as long as we stay above this level on a daily closing basis we can expect a pullback. The weekly close above 0.7500 indicates that the bears are starting to get tired and this favors the bullish case scenario or at least we should see some kind of consolidation. On the upside, the first significant level of resistance comes at 0.7645 which put a cap on any rally. Only a daily close above 0.7645 can signal that a major swing low is put in place, but until then the downside should prevail. The stochastic indicator is also resting after it has spent some time consolidating, but there is still room until we get into overbought territory. The Australian economic calendar looks busy with risk events. On Monday the RBA Governor, Assistant Low is scheduled to speak at the Reserve Bank Board Dinner, in Adelaide. Tuesday will bring the RBA interest rate decision which, according to the general consensus shouldn’t bring anything new. Wednesday the Unemployment rate will take the front stage while Thursday the Trade Balance is high volatility risk events. Previous AUDUSD Weekly Forex Forecast

AUDUSD Weekly Forex Forecast - 30th April to 4th May 2018