AUDUSD Weekly Forex Forecast – 24th to 28th April 2017
The AUDUSD is continuing to trade above the 0.7500 big psychological number and as long as we stay above it on a daily basis, we should expect the Aussie to resume higher for another attempt to break the highs. However, a break below 0.7500 will open up the door for a possible retest of 0.7400 and possibly even 0.7300 support level. To the upside, the first level of resistance only comes at 0.7587 followed by 0.7610 and 0.7630. The stochastic indicator is already in an oversold condition and if we were to continue to move to the upside expect AUDUSD to have minor pullbacks that should be quick bought.
The Australian economic calendar looks quite busy, with plenty of risk events that can disrupt the volatility. On Wednesday, we have the Australian CPI inflation figures which are expected to inch one tick higher to 0.6%, while the annualized rate is expected to come in at 2.2% high is positive for the interest rate speculations. On Thursday the RBA Governor Lowe is due to speak at the Renminbi Global Cities Dialogue Dinner, in Sydney. While Friday we have as a proxy risk event the estimated USA GDP figures for the first quarter of the year.
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AUDUSD Weekly Forex Forecast – 24th to 28th April 2017
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