Currency pair Australian Dollar to US Dollar AUD/USD completes the trading week near the area of 0.6636. The pair continues to move as part of a strong bullish correction. Moving averages indicate a bearish trend. Prices are testing the area between the signal lines, which indicates pressure from sellers and a potential drop already from current levels. At the moment, we should expect an attempt to develop growth and test the resistance area near the level of 0.6715. Then, a rebound and continued fall of AUD/USD with a potential target below the level of 0.5845.
AUD/USD Forecast and Analysis June 1 — 5, 2020
In favor of reducing the pair on Forex, a test of the resistance line on the relative strength index (RSI) will come out. The second signal will be a rebound rebound from the upper boundary of the downward channel. Cancellation of the fall of the AUD/USD currency pair in the current trading week June 1 — 5, 2020 will be a strong growth and the breakdown level of 0.6975. This will indicate a breakdown of the lower border of the channel and continued growth of the Australian Dollar at Forex with a potential target at 0.7355. A confirmation of the development of the fall will be a breakdown of the support area and closing below 0.6235.
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, Australia Gross) Domestic Product (GDP) q/q, Australia Retail Sales m/m.
AUD/USD Forecast and Analysis June 1 — 5, 2020 implies an attempt to develop correction and test level 0.6715. Further, the continuation of the fall of the currency pair below the level of 0.5845. 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 area of 0.6975. This will indicate a breakdown of the resistance area and continued growth of the pair with a target above 0.7355.
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