The Aussie didn’t manage to post any gains despite the broad based dollar weakness. This makes the AUD/USD more vulnerable on the downside and a break below 0.7640 previous week low can be seen. However, for the bears to really take control of the trend we need a daily close below 0.7640, otherwise this can be proven a false breakout that can potentially form a new swing low.
On the upside the last week high 0.7726 can be a good level of resistance. However, the bulls have a chance to dominate this market only if they manage to bring the AUDUSD above key resistance level 0.7800. The stochastic indicator is neutral territory, so not much insight can be taken out of it. There are no major risk events on the Australian economic calendar other than the speech of RBA Governor Lowe which is due to speak at the Australia-Israel Chamber of Commerce, in Perth.
Previous AUDUSD Weekly Forex Forecast
AUDUSD Weekly Forex Forecast – 9th to 13th April 2018
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