Currency pair Australian Dollar to US Dollar AUD/USD ends the trading week near the 0.7083 area. The pair continues to move within the framework of growth and the formation of the “Head and Shoulders” reversal pattern. Moving averages indicate a bullish trend. Prices bounced off the area between the signal lines, which indicates pressure from buyers of the asset and a potential continued growth in the value of the currency pair. At the moment, we should expect an attempt to continue the development of growth and test the resistance area near the level of 0.7165. Then, the rebound and the continuation of the fall in AUD/USD with a potential target below the level of 0.6615.
AUD/USD Forecast and Analysis October 19 — 23, 2020
In favor of reducing the pair on Forex, a rebound from the lower boundary of the ascending channel will come out. The second signal will be a rebound from the resistance line on the relative strength index (RSI). Cancellation of the fall option for the AUD/USD currency pair in the current trading week, the week of October 19 — 23, 2020 will be a strong growth and a breakdown of the level of 0.7545. This will indicate a breakdown of resistance and continued growth of the Australian Dollar on Forex with a potential target at 0.7965. Confirmation of the development of the fall will be the breakdown of the support area and the close below 0.6895.
Among the important news from Australia that may have an impact on the Australian rate, it is worth highlighting: Australia Retail Sales m/m.
AUD/USD Forecast and Analysis October 19 — 23, 2020 suggests an attempt to develop a correction and test the level of 0.7165. Further, the continuation of the fall of the currency pair below the level of 0.6615. 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 0.7545 area. This will indicate a breakdown of the resistance area and continued growth of the pair with a target above 0.7965.
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