AUDUSD Weekly Forex Forecast – 3rd to 7th April 2017
The AUDUSD technical pattern remains bullish but inside a very narrow ranging market. However, there is still a possibility for another marginal intraday low towards the big psychological number 0.7500 before to see any rally. But first, we need a break and a close below support level 0.7600. As long as we trade above 0.7600 AUDUSD should retest 0.7700 resistance level. The stochastic indicator is also in oversold territory which is constructive for the bullish case but for a real trend development, we need a break above 0.7740 swing high.
The Australian economic calendar looks heavy. Monday we have the Retail Sales and based on the market consensus we should expect a flat reading. Tuesday is quite a busy day that will bring the Trade balance figures followed by the RBA Interest Rates decision. The RBA is expected to keep rates unchanged. Later in the day, the RBA Governor Lowe is due to speak at the Reserve Bank Board Dinner, in Melbourne. Thursday RBA assistant governor Debelle has scheduled a speech and on Friday the NFP should be the main drivers.
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AUDUSD Weekly Forex Forecast – 27th to 31st Mar 2017
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