Currency pair Australian Dollar against the US Dollar AUD/USD finished the trading week at the level of 0.7389. The pair continues to trade within the framework of the Forex Triangle model, the potential for falling into the area below the border is preserved. However, we should not exclude the attempt to test the upper boundary of the downward channel near the area of 0.7430 and continue the decline in the quotations of the AUD/USD pair into the area below the level of 0.7230.
AUD/USD weekly forecast on May 15 — 19, 2017
In favor of the drop in quotations, a tight test of the downward resistance line will appear on the indicator of relative strength. Cancellation of the pair fall will be a strong growth and breakdown of the resistance area with the closing of quotes above the level of 0.7550, indicating a potential test of the upper level of the Forex forex model of the Triangle near the area of 0.7695.
Among the important news from Australia, which may affect the exchange rate of the currency pair AUD/USD in the next trading week is:
May 16, 2017, Tuesday, Minutes of the Reserve Bank of Australia’s meeting on monetary policy, we should expect the growth of volatility in pairs with the participation of the Australian Dollar at the time of publication of the news.
May 17, 2017, Wednesday, the Labor Force Price Index, is expected to remain unchanged at 0.5%.
May 18, 2017, Thursday, Consumer price inflation expectations, Unemployment rate, it is expected that the indicator will remain at 5.9%, The change in the number of employees, it is expected that the figure will fall from the level of 60.9K to the level of 5.2K, which can put serious pressure on the rate of the Australian The dollar.
AUD/USD weekly forecast on May 15 — 19, 2017 suggests an attempt to test the upper boundary of the downward channel near the area of 0.7450, where it is expected to continue the decline to the lower boundary of the Forex model of the Triangle at 0.7230, the breakdown will be the breakdown of the area 0.7550.
