Currency pair Australian Dollar to US Dollar AUD/USD completes the trading week near the area of 0.6877. The pair continues to move within the bounds of the fall and was able to break through the lower boundary of the «Triangle» model. Moving averages indicate a bearish trend. At the moment, we should expect an attempt to grow and test the resistance area near the level of 0.6945. Then the continuation of the fall of AUD/USD with a potential target below the level of 0.6475.
AUD/USD Forecast and Analysis May 20 — 24, 2019
In favor of the fall of the pair on Forex will test the downward trend line on the indicator of relative strength index (RSI). The second signal will be a rebound rebound from the upper boundary of the model «Triangle». Cancellation of the option to reduce AUD/USD in the current trading week of May 20 — 24, 2019 will be a strong growth and a breakdown level of 0.7165. This will indicate the 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 0.6715. This will indicate an acceleration of the pair decline.
Among the important news from Australia that may have an impact on the Australian exchange rate, it is worth mentioning: Reserve Bank of Australia (RBA) Governor Lowe Speech.
AUD/USD Forecast and Analysis May 20 — 24, 2019 involves an attempt to test the level of 0.7075. Further, the continuation of the fall below the level of 0.6705. A test of the trend line on the relative strength index (RSI) will be in favor of reducing the pair. Cancellation of the fall option will be a strong growth and the 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 0.7485.