AUDUSD Monthly Forex Forecast for May 2018
The Aussie is challenging the big psychological number 0.7500, but as long as we trade above this level on a weekly basis, there is a chance that we’re going to see Aussie starting to pullback and recover some of the previous losses. We can’t rule out a short-term fake breakout below the previous swing low before the bulls can take control.
On the upside, the first resistance levels come at 0.7650 from where we can expect a reaction lower. A daily break and close above 0.7650 can open up the door for a retest of a more significant resistance level 0.7800. The stochastic indicator is already in oversold territory and couple with the fact that the Australian dollar tends to rally during the month of May according to its seasonal pattern. The RBA seems poised to keep rates unchanged for the rest of the year so the monetary policy theme doesn’t provide us with a catalyst to drive the Aussie exchange rate. This makes the AUD/USD more sensitive to the technical levels unless some new unexpected macro theme comes into sights.
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AUDUSD Monthly Forex Forecast for May 2018
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