Currency pair Australian Dollar to US Dollar AUD/USD ends the trading week near the 0.6996 area. The pair continues to move within the framework of growth. Moving averages indicate a bullish trend. Prices have broken the area between the signal lines upward, which indicates pressure from buyers and a potential continued growth. At the moment, we should expect an attempt to continue the development of growth and test the resistance area near the level of 0.7025. Then, the rebound and the continuation of the fall in AUD/USD with a potential target below the level of 0.6125.
AUD/USD Forecast and Analysis July 20 — 24, 2020
The formation of the «Head and Shoulders» reversal pattern on the relative strength index (RSI) is in favor of reducing the pair on Forex. The second signal will be a rebound from the resistance level. Cancellation of the option of falling the AUD/USD currency pair in the current trading week July 20 — 24, 2020 will be a strong growth and a breakdown of the level of 0.7265. This will indicate a breakdown of resistance and continued growth of the Australian Dollar on Forex with a potential target at 0.7655. Confirmation of the development of the fall will be a breakdown of the support area and a close below 0.6705, which will indicate the completion of the formation of the «Double Top» reversal pattern.
Among the important news from Australia that may affect the Australian rate, it is worth highlighting: Reserve Bank of Australia (RBA) Governor Lowe Speech, Australia Retail Sales m/m.
AUD/USD Forecast and Analysis July 20 — 24, 2020 involves an attempt to develop a correction and test the level of 0.7025. Further, the continuation of the fall of the currency pair below the level of 0.6125. A test of the trend line on the relative strength index (RSI) will be in favor of reducing the pair in the current trading week. Cancellation of the fall option will be a strong growth and a breakdown of the 0.7265 area. This will indicate a breakdown of the resistance area and continued growth of the pair with a target above 0.7655.
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