Currency pair Australian Dollar to US Dollar AUD/USD completes the trading week near the area of 0.6684. The pair continues to move within the fall and the bearish channel. 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 0.6815. Then, the continuation of the fall of AUD/USD with a potential target below the level of 0.6395.
AUD/USD Forecast and Analysis February 3 — 7, 2020
A test of the resistance line on the relative strength index (RSI) will be in favor of the fall of the pair on Forex. The second signal will be a rebound rebound from the lower boundary of the ascending channel. Cancellation of the option to reduce AUD/USD in the current trading week February 3 — 7, 2020 will be a strong growth and the breakdown level of 0.7085. This will indicate a breakdown of the upper boundary of the channel and continued growth of the Australian Dollar at Forex. The development of the downward trend will be confirmed by the breakdown of the support area and closing below 0.6605.
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 Decision; Speech by Reserve Bank of Australia (RBA), Australia Retail Sales m/m, Reserve Bank of Australia (RBA) Governor Lowe Speech.
AUD/USD Forecast and Analysis February 3 — 7, 2020 implies an attempt to test the level of 0.6815. Further, the continuation of the fall below the level of 0.6395. In favor of reducing the pair, a test of the downward 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 0.7085 area. This will indicate a breakdown of the resistance area and continued growth of the pair with a target above 0.7335.
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