Currency pair Australian dollar against the US dollar AUD USD continues to move in line with expectations and at the moment there is a potential for further pair of quotes fall within the beginning of working out a reversal pattern Forex Head and Shoulders.
Technical analysis and forex forecast AUD USD on December 2, 2016
To complete this model should wait growth in the Australian dollar quotations in the region at the level of 0.7420, where should try to sell the AUD USD with a close stop. Cancellation option will increase in quotes above the strong level of 0.75, which points to a continuation of the correction. Acceleration of the fall should not expect a breakdown level of 0.7370. Among the important news that could affect the Australian dollar tomorrow, December 2, 2016 stands out; Retail Sales are expected to decline from the level of 0.6% to 0.3%, which could put additional pressure on the pair USD AUD in favor of the reduction.
Technical analysis and forex forecast AUD USD on December 2, 2016 suggests an attempt to complete the forex model head and shoulders continuation of falling within the mining of this model in order to reduce to below 0.7250 areas.
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