8-12 May Weekly AUDUSD Trade Forecast: AUDUSD opened the market with a slight gap at 0.7412 from its weekly close of 0.7424
8 May, AtoZForex - In line with 3 May AUDUSD Elliott wave Forecast thanks to disappointing NFP data last week AUDUSD bearish trend could not sustain itself in the second half of the week. Overall from fundamentals perspective, neither the NFP data nor the Fed update were USD positive. Thus, AUDUSD pair found itself a support at 138.2% true Fibonacci wave right on 0.7397 zone while making a four-month low of 0.7368. Meanwhile, this week mostly supported by the French election, AUDUSD has opened with a small bearish gap.
Ahead of the upcoming G7 meeting, 8-12 May weekly AUDUSD Trade forecast shows signs of buy to sell signals, however it is not quite the time yet.
8-12 May Weekly AUDUSD Trade Forecast
NewsOgram CEO Yagub Rahimov commented: "Based on the last week's fundamental developments Australian dollar to USD price course is likely to be roller-coaster-like this week. First, look for sell orders to achieve the 0.7335 support and then look for buy orders. Thus I'd say sell to buy to sell again, or hold on to buy very soon."