Currency pair Australian Dollar to US Dollar AUD/USD completes the trading week near the area of 0.6927. The pair continues to move within the upward correction and the downward channel. Moving averages indicate a bearish trend. At the moment, we should expect an attempt to continue the development of the correction and test the resistance area near the level of 0.7015. Then the continuation of the fall of AUD/USD with a potential target below the level of 0.6535.
AUD/USD Forecast and Analysis July 29 — August 2, 2019
In favor of the fall of the pair on Forex will test the downward trend line on the indicator of relative strength. The second signal will be a rebound rebound from the upper limit of the descending channel. Cancellation of the option to reduce AUD/USD in the current trading week July 29 — August 2, 2019 will be a strong growth and a breakdown level of 0.7245. This will indicate a breakdown of the upper boundary of the channel and the continued growth of the Australian Dollar on Forex. Confirmation of the downward trend will be the breakdown of the support area and the closure below 0.6765. This will indicate an acceleration in the fall of the currency pair.
Among the important news from Australia, which may have an impact on the Australian rate, it is worth highlighting: Australia Retail Sales m/m.
AUD/USD Forecast and Analysis July 29 — August 2, 2019 involves an attempt to test the level of 0.7015. Further, the continuation of the fall below the level of 0.6535. A test of the trend line on the relative strength indicator will be in favor of reducing the pair. Cancellation of the fall option will be a strong growth and the breakdown of the 0.7245 area. This will indicate a breakdown of the resistance area and continued growth of the pair with a target above 0.7485.
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