Currency pair Australian Dollar to US Dollar AUD/USD completes the trading week near the area of 0.6937. The pair continues to move as part of the growth. Moving averages indicate a bearish trend. Prices strongly pierced the area between the signal lines up, which indicates pressure from buyers and the potential continuation of growth. At the moment, we should expect an attempt to develop growth and test the resistance area near the level of 0.7045. Then, a rebound and continued fall of AUD/USD with a potential target below the level of 0.6205.
AUD/USD Forecast and Analysis July 6 — 10, 2020
In favor of reducing the pair on Forex, the formation of the «Head and Shoulders» reversal pattern on the relative strength index (RSI) is in favor. The second signal will be a rebound from the resistance level. Cancellation of the fall of the AUD/USD currency pair in the current trading week July 6 — 10, 2020 will be a strong growth and a breakdown of the level of 0.7275. This will indicate a breakdown of resistance and continued growth of the Australian Dollar at Forex with a potential target at 0.7655. Confirmation of the development of the fall will be a breakdown of the support area and closing below the level of 0.6725, which will indicate the completion of the formation of the «Double Top» reversal pattern.
Among the important news from Australia that may have an impact on the Australian course, it is worth highlighting: Australia Retail Sales m/m.
AUD/USD Forecast and Analysis July 6 — 10, 2020 suggests an attempt to develop a correction and test level of 0.7045. Further, the continuation of the fall of the currency pair below the level of 0.6205. 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 0.7275 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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