AUDUSD Weekly Forex Forecast – 17th to 21st April 2017
The AUDUSD is trading at an important juncture point near the 200 EMA. The first level of resistance stands at 0.7610 from where we can expect a reaction lower. The stochastic indicator is already in overbought territory and can be indicative that the bears might step in sooner rather than later. To the downside, there is not much support until the 0.7500 big psychological number. We can expect a bounce at the first attempt to break below before another attempt to be seen. A break below 0.7500 will put the focus on 0.7475 last week low.
We have plenty of major risk events for the Australian Dollar. Monday, the Chinese GDP figures should be a proxy risk event for AUD/USD. The market consensus is for the Chinese economy to grow 6.8%. Tuesday we have the RBA Meeting Minutes which should give us more insights into how RBA’s monetary policy direction.
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AUDUSD Weekly Forex Forecast – 17th to 21st April 2017
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