Currency pair Australian Dollar to US Dollar AUD/USD ends the trading week near the 0.7145 area. The pair continues to move within the framework of the growth and the descending channel on the weekly chart of the pair. Moving averages indicate a bearish trend. Prices are testing the area between the signal lines, which indicates pressure from sellers and a potential continuation of the fall in the value of the asset. At the moment, we should expect an attempt to continue the development of growth and test the resistance area near the level of 0.7195. Then, the rebound and the continuation of the fall in AUD/USD with a potential target below the level of 0.5565.
AUD/USD Forecast and Analysis August 3 — 7, 2020
In favor of reducing the pair on Forex, it will come out from the resistance level. The second signal will be a rebound from the trend line on the relative strength index (RSI). Cancellation of the option to drop the AUD/USD currency pair in the current trading week August 3 — 7, 2020 will be a strong growth and a breakdown of the level of 0.7455. This will indicate a breakdown of resistance and continued growth of the Australian Dollar on Forex with a potential target at 0.7905. Confirmation of the development of the fall will be the breakdown of the support area and the close below 0.6905.
Among the important news from Australia that may have an impact on the Australian rate, it is worth highlighting: Australia Retail Sales m/m, Reserve Bank of Australia (RBA) Interest Rate Decision.
AUD/USD Forecast and Analysis August 3 — 7, 2020 involves an attempt to develop a correction and test the level of 0.7195. Further, the continuation of the fall of the currency pair below the level of 0.5565. In favor of reducing the pair in the current trading week, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the fall option will be a strong growth and a breakdown of the 0.7455 area. This will indicate a breakdown of the resistance area and continued growth of the pair with a target above 0.7905.
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