AUDUSD Monthly Forex Forecast for April 2018
The Aussie is slightly trading below its yearly opening price which puts the trend on the bearish side but for the sellers to really take control of this market they need a break below the round number 0.7500. A break below 0.7500 ii means that based on the price structure we are making a new lower low which will confirm the bearish case.
The stochastic indicator is moving away from the oversold area which means that if the bullish momentum really picks up during this phase we can actually see AUDUSD reversing the previous down swing leg. On the upside, the first level of interest is at 0.7895 which is our major resistance level. A daily break and close above will open the door for a retest of the big psychological number 0.8000. The RBA is not expected to hike interest rates anytime soon despite the raising optimism in the Australia economy to grow at a faster peace.
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AUDUSD Monthly Forex Forecast for April 2018
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