The currency pair Australian Dollar against the US Dollar AUD/USD finished the trading week at the level of 0.7413. The pair continues to trade within the framework of the Forex Triangle model and at the moment there is a high potential for testing the lower boundary of the model near the area of 0.7150.
AUD/USD Forecast Australian Dollar on May 8 — 12, 2017
However, we should not exclude the attempt to develop an upward correction on the pair in the area above the level of 0.75, where we can expect the continuation of the fall in quotations AUD/USD. In favor of reducing the pair will make another test of the descending line of resistance on the indicator of relative strength.
The cancellation of the AUD/USD fall will result in a strong growth and breakdown of the 0.76 area, which indicates that the pair will continue to grow. Expect the acceleration of the fall in the quotations of the Australian Dollar pair to the US Dollar AUD/USD is worth a breakdown of the area of 0.7350.
Among the important news from Australia, which may affect the exchange rate of the currency pair AUD/USD in the next trading week is:
Monday, May 8, 2017, The change in the volume of construction permits issued, is expected to fall from 8.3% to -3.9%, which may put pressure on the Australian dollar, the NAB Business Confidence Index.
Tuesday, May 9, 2017, Changes in the volume of retail trade, Publication of the federal budget.
Thursday, May 11, 2017, Expectations for consumer price inflation.
AUD/USD Forecast Australian Dollar on May 8 — 12, 2017 suggests a correction attempt to the area above the 0.75 level, from which it is expected to rebound and continue the decline with the potential drop target near the 0.7150 area, an additional signal will be a down trend line test on the relative strength indicator, Cancellation will be a strong growth and breakdown of the area 0.76.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
