The Aussie has managed to post a weekly close above the big psychological number 0.7500 which continues to be a bullish signal as long as we stay above it on a daily closing basis. However, a daily close below 0.7500 will make the price extend its current ranging phase. On the upside, a break above the last week high 0.7592 will open up the door for a retest of 0.7680 next resistance levels. On the downside, the support level 0.7470 should stop any sell off if we want to keep this consolidation in place. However the more important support level remains this year low 0.7410. The stochastic indicator doesn’t provide us with any extreme readings which suggest that we might see more consolidation.
The Australian economic calendar has some risk events that can be the catalyst for some market volatility. Tuesday the RBA interest rate decision is the highlight risk event of the week and should provide a directional bias for the whole week. The RBA is expected to keep rates on hold at 1.5%, but the rhetoric is what counts more in this situation. Wednesday the Australian GDP figure for the first quarter of 2018 are scheduled to be release and Thursday the Trade Balance is the other risk event that traders need to keep an eye on.
Previous AUDUSD Weekly Forex Forecast
AUDUSD Weekly Forex Forecast – 4th to 8th June 2018
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