Currency pair Australian Dollar to US Dollar AUD/USD completes the trading week near the area of 0.5991. The pair continues to move as part of the correction. Moving averages indicate a bearish trend. Prices pushed from the area between the signal lines, indicating pressure from sellers. At the moment, we should expect an attempt to develop growth and test the resistance area near the level of 0.6195. Then, a rebound and continued fall of AUD/USD with a potential target below the level of 0.5205.
AUD/USD Forecast and Analysis April 6 — 10, 2020
In favor of reducing the pair on Forex, a test of the resistance line on the relative strength index (RSI) will come out. The second signal will be a rebound rebound from the lower boundary of the downward channel. Cancellation of the fall of the AUD/USD currency pair in the current trading week April 6 — 10, 2020 will be a strong growth and a breakdown of the level of 0.6435. This will indicate a breakdown of the lower border of the channel and continued growth of the Australian Dollar at Forex with a potential target at 0.7005. A confirmation of the development of the fall will be a breakdown of the support area and closing below the level of 0.5735.
Among the important news from Australia that may have an impact on the Australian exchange rate, it is worth highlighting: Reserve Bank of Australia (RBA) Interest Rate Decision.
AUD/USD Forecast and Analysis April 6 — 10, 2020 suggests an attempt to test the level of 0.6195. Further, the continuation of the fall below the level of 0.5205. 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 a breakdown of the 0.6435 area. This will indicate a breakdown of the resistance area and continued growth of the pair with a target above 0.7005.
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