AUDUSD Weekly Forex Forecast – 29th May to 2nd June 2017
The AUDUSD remains almost unchanged from a week ago. Neither the bulls or the bears managed to take control which has kept Aussie in a narrow ranging market. The big psychological number 0.7500 remain the line in the sand and for the time being, it seems a big hurdle for the bulls to pass. The weekly close below 0.7500 also suggests that we at least can expect more range in the coming week. The current AUDUSD range is formed between 0.7500 resistance level and 0.7400 support level followed by 0.7330 swing low. The stochastic indicator also looks oversold so early in the week we can expect a small bounce before support level to be tested again.
On the Australian economic calendar, we can note some risk events as well. On Thursday we have the Australian Retail Sales figures which based on the market consensus should see an uptick to 0.3%. We also have the Chinese Caixin Manufacturing PMI figures as a proxy risk event. On Friday we also have the NFP figure which is the biggest risk event of the week. The US job growth has gained momentum again and based on the market consensus we should expect 185K new jobs added and while this is below 211k last reading it still remains a positive number.
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AUDUSD Weekly Forex Forecast – 29th May to 2nd June 2017
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