Currency pair Australian Dollar to US Dollar AUD/USD completes the trading week near the area of 0.6763. The pair continues to move as part of the decline and the downward channel. Moving averages indicate a bearish trend. At the moment, we should expect an attempt to develop a correction and test the resistance area near the level of 0.6805. Then, the continuation of the fall of AUD/USD with a potential target below the level of 0.6285.
AUD/USD Forecast and Analysis October 7 — 11, 2019
In favor of the fall of the pair on Forex, a test of the downward trend 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 option to reduce AUD/USD in the current trading week from October 7 — 11, 2019 will be a strong growth and a breakdown of the level of 0.7025. This will indicate a breakdown of the upper boundary of the channel and continued growth of the Australian Dollar at Forex. A confirmation of the development of the downward trend will be a breakdown of the support area and closing below 0.6645. This will indicate an acceleration in the fall of the currency pair.
AUD/USD Forecast and Analysis October 7 — 11, 2019 suggests an attempt to test the level of 0.6805. Further, the continuation of the fall below the level of 0.6285. 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 a breakdown of the 0.7025 area. This will indicate a breakdown of the resistance area and continued growth of the pair with a target above 0.7305.