AUDUSD went as low as 1.0336 or a little below Fibonacci 50% retracement of the upward move during December 26th to March 1st before recovering to 1.0482 and closing for the week at 1.0468.
For the next week if AUDUSD breaks over 1.0490/1.0500 then we would expect some more upward correction towards the range of 1.0540/1.0560. There is We would expect a resistance in this zone which would represent 22-day and 55-day EMA resistance as well as Kijun-sen resistance (1.0540) of daily Ichimoku cloud. Even if this resistance is broken, we would expect strong resistance near 1.0600.We would expect further downward move from there. On the downside a break of 1.0336 should target 1.0220 or little below the 61.8% retracement of the above mentioned upward move during December 26th to March 1st.
However, if AUDUSD breaks above 1.0636 then our above mentioned outlook will start changing towards a focus of upward moves and the confirmation of this will come with a break over 1.0670/1.0680.
Further Readings:
1) AUD/USD Forecast for weekly outlook of the currency pair.
3) USD/CHF outlook.
Article by forexabode.com
