The Australian dollar closed another week on the downside but managed to stabilize. What’s next? A speech by RBA Governor Lowe stands out. Here are the highlights of the week and an updated technical analysis for AUD/USD. Australia gained 22.6K jobs in April, better than had been expected. The good news helped the Aussie. Australia’s No. 1 trading partner, China, saw industrial output rise by 7% y/y also above predictions. In the US, yields reached new multi-year highs, supporting the greenback. [do action=”autoupdate” tag=”AUDUSDUpdate”/] AUD/USD daily graph with support and resistance lines on it. Click to enlarge: CB Leading Index: Monday, 14:30. The Conference Board’s Leading Index showed a rise of 0.3% in the Australian economy in February. The indicator, made out of 7 figures, will likely edge up again in March. MI Leading Index: Wednesday, 00:30. The Melbourne Institute’s composite index is made out of 9 figures and it showed a drop of 0.2% in March. We may see a rise in April. Construction Work Done: Wednesday, 1:30. This quarterly measure is quite volatile: it fell by 19.4% in Q4 2017. This time, a modest rise of 1.3% is on the cards for Q1 2018. However, a bigger jump cannot be ruled out. Phillip Lowe talks Wednesday, 20:00. The Governor of the Reserve Bank of Australia will deliver a speech at the Australia-China Relations Institute in Sydney. The speech is wide and he may provide market moving comments if he talks about the state of the Chinese and Australian economies. Michele Bullock speaks Friday, 12:00. The RBA Assistant Governor Michele Bullock will give a speech in Amsterdam and will also answer questions. She may lay out a more global vision. *All times are GMT AUD/USD Technical Analysis Aussie/USD continued hugging the round 0.7500 level throughout the week and eventually closed slightly above it. Technical lines from top to bottom: 0.7730 capped the pair in early April. 0.7675 provides some support in March and is another stepping stone. Further below, 0.7640 was a stubborn cushion in March and April. The fall below this line proved its strength. 0.7615 capped a recovery attempt in late April. 0.7560 is the next level to watch after it was the recovery level in early May. The round number of 0.7500 remains important despite the recent breach. 0.7430 was an initial low in late April and it is followed by 0.7410, an old line from 2017. Further down, 0.7375 is notable. I remain bullish on AUD/USD The Australian dollar weathered the strength of the greenback quite well and enjoys OK economic data. If the USD takes a break, the Aussie is well positioned to take advantage of it. Our latest podcast is titled Truce in trade and dollar domination Follow us on Sticher or iTunes Further reading: EUR/USD forecast – for everything related to the euro. GBP/USD forecast – Pound/dollar predictions USD/JPY forecast – projections for dollar/yen USD/CAD forecast – Canadian dollar analysis Forex weekly forecast – Outlook for the major events of the week. Safe trading! Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam AUD/USD ForecastMinors share Read Next USD/JPY finally breaks out, Fed eyed – Forecast May 20-25 Yohay Elam 5 years The Australian dollar closed another week on the downside but managed to stabilize. What's next? A speech by RBA Governor Lowe stands out. Here are the highlights of the week and an updated technical analysis for AUD/USD. Australia gained 22.6K jobs in April, better than had been expected. The good news helped the Aussie. Australia's No. 1 trading partner, China, saw industrial output rise by 7% y/y also above predictions. In the US, yields reached new multi-year highs, supporting the greenback. [do action="autoupdate" tag="AUDUSDUpdate"/] AUD/USD daily graph with support and resistance lines on it. 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