Currency pair Australian Dollar to US Dollar AUD/USD completes the trading week near the area of 0.6837. The pair continues to move as part of the correction and the formation of the downward model of the «Wolfe Wave». Moving averages indicate a bearish trend. Prices are testing the area between the signal lines, indicating a potential drop from current levels and pressure from sellers. At the moment, we should expect an attempt to develop growth and test the resistance area near the level of 0.6915. Then, the continuation of the fall of AUD/USD with a potential target below the level of 0.6585.
AUD/USD Forecast and Analysis January 27 — 31, 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 from the upper boundary of the descending model of the «Wolfe Wave». Cancellation of the option to reduce AUD/USD in the current trading week January 27 — 31, 2020 will be a strong growth and the breakdown level of 0.7105. This will indicate a breakdown of the upper boundary of the channel and continued growth of the Australian Dollar at Forex. A confirmation of the development of the downward trend will be a breakdown of the support area and closing below 0.6735.
AUD/USD Forecast and Analysis January 27 — 31, 2020 suggests an attempt to test the level of 0.6915. Further, the continuation of the fall below the level of 0.6585. 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 0.7105 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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