Currency pair Australian Dollar to US Dollar AUD/USD continues to move as part of the fall and the downward channel. Moving averages indicate a short-term bearish trend. At the time of the publication of the forecast, the Australian Dollar to US Dollar rate is 0.6843. At the moment, we should expect an attempt to grow and test the resistance area near the level of 0.6865. Further, a rebound from the resistance level and continued decline in quotations to the area below 0.6745.
AUD/USD Forecast Australian Dollar August 2, 2019
In favor of reducing the pair AUD/USD, the formation of the head and shoulders reversal pattern on the relative strength index (RSI) will come out. The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the option of falling quotes of the Australian Dollar will be a strong growth and the breakdown level of 0.6910. This will indicate a breakdown of the upper border of the channel and continued growth of AUD/USD on Forex with a potential target above the level of 0.7155. Expect confirmation of a fall in the pair with the breakdown of the support area and closing of quotes below the level of 0.6795.
Among the important news from Australia that may affect the exchange rate of the AUD/USD pair, it is worth highlighting: Australia Retail Sales m/m.
AUD/USD Forecast Australian Dollar August 2, 2019 suggests an attempt to test the resistance level near the area of 0.6865. Further, the continuation of the fall of quotations of the pair below the level near the level of 0.6745. An additional signal in favor of reducing the pair will be the formation of a reversal model on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the area of 0.6910. This will indicate continued growth of quotations with a potential target above the level of 0.7155.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
