AUDUSD Weekly Forex Forecast – 5th to 9th June 2017
The AUDUSD remains in a clear bearish trend, but it has already started to make a higher low which can only be confirmed by a daily break and close above the big psychological number 0.7500. A daily close above 0.7500 can signal a market reversal and possibly a retest of 0.7555 next important support level. The stochastic indicator is still not in overbought territory, so this favors the bullish case for now. A daily break and close below last week low 0.7370 can switch the momentum back to the downside, but, we need a break below 0.7328 to consider a much severe sell-off.
The Australian economic calendar has many scheduled risk events. First, we have on Tuesday the RBA interest rate decision followed by the RBA monetary policy statement. The general consensus is that the RBA will keep rates at record low levels for an extended period of time. Wednesday we have to shift our focus to the Australian GDP figures which based on the market consensus we can expect subdued growth during the first quarter of 2017 down from 2.4% to 1.7%. Thursday we have the Australian Trade balance another risk event that can produce some volatility for the Aussie exchange rate.
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AUDUSD Weekly Forex Forecast – 5th to 9th June 2017
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