AUDUSD Weekly Forex Forecast – 10th to 14th April 2017
The AUDUSD technical pattern looks very weak and we should see more weakness. The weekly close below the big psychological figure 0.7500 can be an indication the AUDUSD is headed much lower. A break below the March low 0.7490 will extend the downside move. The first level of support comes in at 0.7400 from where we can expect again a bounce towards 0.7500. The stochastic indicator is in oversold territory which warns that we might see early in the week a bounce before the downside to prevail. On the upside, we can expect to find some kind of resistance at 0.7540.
The Australian economic calendar is full with risk events that can distort the market volatility. Wednesday we have as a proxy risk even the Chinese CPI inflation figures which can pose a threat to the AUDUSD exchange rate. Thursday we have the Australian Unemployment figure which is expected to come flat at 5.9%. Next on the line is the Chinese Trade balance which is expected to post a 76 billion in surplus.
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AUDUSD Weekly Forex Forecast – 10th to 14th April 2017
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