The AUDUSD bearish trend has resumed and as expected, we retest 0.7400 support level. In a risk on environment as a result of the French election, Aussie can easily gap above the big psychological number 0.7500 and completely reverse the current bearish trend. If Le Pen pulls a surprise victory AUDUSD can lose the year low price 0.7160 and threaten to go beyond the 0.7000 big psychological numbers.Traders need to be aware that in such environment important support and resistance levels are easily overshot.
The Australian economic calendar looks soft with only minor risk events. On Tuesday we have the Retail Sales figures followed by the Annual Budget release. On Friday we also have the G7 meeting in Italy, which will gather together the central bankers from the most industrialized world countries.
Previous AUDUSD Weekly Forex Forecast
AUDUSD Weekly Forex Forecast – 1st to 5th May 2017
Other Analysis Today