The currency pair Australian Dollar to US Dollar AUD/USD finished the trading week at the level of 0.7487. The pair continues to trade within the Forex Triangle model and tightly tests the support area near the level of 0.7470. At the moment, there is a potential for the development of an upward correction of the pair in the area above the level of 0.7550 within the rebound from the lower boundary of the Forex model Wedge.
AUD/USD Forecast Australian Dollar May 1 — 5, 2017
Whence it is necessary to expect continuation of falling of quotations AUD/USD with the purpose near area 0.73. In favor of reducing the pair, a dense test of the descending line of the trend will appear on the indicator of relative strength. Expect to accelerate the fall of the pair is with the breakdown of the area 0.74. The cancellation of the Australian Dollar decline to the US Dollar AUD/USD will result in a strong growth and breakout of the area of 0.7650, which will indicate that the quotes continue to grow in the upper bound of the Forex forex Triangle model.
Among the important news from Australia that can influence the exchange rate of the AUD/USD currency pair for the next trading week is worth highlighting, the Reserve Bank of Australia’s decision on the main interest rate, the Reserve Bank of Australia’s Covering Statement on May 2, 2017, the Reserve Bank of Monetary Policy 5 May 2017.
AUD/USD Forecast Australian Dollar May 1 — 5, 2017 suggests an attempt to develop correction in the 0.7550 area and continue the decline in the rebound from the downward trend line on the indicator of relative strength, the breakdown will be the breakdown of the area of 0.7650.
