Currency pair Australian Dollar to US Dollar AUD/USD completes the trading week near the area of 0.7258. The pair continues to move within the framework of the correction and the formation of the «Triangle» model. Moving averages indicate a bearish trend. At the moment, we should expect an attempt to grow and test the resistance area near the level of 0.7335. Then the continuation of the fall of AUD/USD with a potential target below the level of 0.6775.
AUD/USD Forecast and Analysis February 4 — 8, 2019
In favor of the fall of the pair on Forex will test the bearish trend line on the indicator of relative strength. As well as a rebound from the upper boundary of the descending channel. Cancellation of the option to reduce AUD/USD in the current trading week of February 4 — 8, 2019 will be a strong growth and the breakdown level of 0.7475. This will indicate a breakdown of the upper boundary of the downward channel and the continued growth of the Australian Dollar on Forex. Confirmation of the downward trend will be the breakdown of the support area and the closure below 0.6995.
Among the important news from Australia, which may have an impact on the Australian rate, it is worth highlighting: RBA decision on the basic interest rate, RBA accompanying statement, RBA monetary policy announcement.
AUD/USD Forecast and Analysis February 4 — 8, 2019 implies an attempt to test the level 0.7335. Further, the continuation of the fall below the level of 0.6775. A test of the trend line on the relative strength index (RSI) will be in favor of reducing the pair. Cancellation of the fall option will be a strong growth and the breakdown of 0.7475. This will indicate a breakdown of the resistance area and continued pair growth.