AUDUSD Weekly Forex Forecast – 6th to 10th Mar 2017
The AUDUSD has finally broken to the downside, away from a very nasty trading range. We have not just broken through multiple levels of supports but we’re also trading below the 200-day EMA which is bearish for the AUD/USD exchange rate. We can expect any rally to find resistance at 0.7610 levels while the first major support level comes at the big psychological number 0.7500. A break below 0.7500 will open the door for a retest of the intraday support level 0.7450.
The Australian economic calendar looks full with scheduled big risk events. Early in the week, on Monday, we have the retail sales figures which based on the market consensus we should see a tick up in sales from -0.1% to 0.4%. Tuesday we have the RBA interest rate decision and based on the market consensus RBA will hold rates steady but lately, their rhetoric has been quite dovish. On Wednesday, the Chinese Trade balance figures will dictate the AUDUSD price action. Last but not least, on Thursday we have the Chinese inflation figures which can disrupt the AUDUSD volatility.
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AUDUSD Weekly Forex Forecast – 6th to 10th Mar 2017 – Bullish
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