Currency pair Australian Dollar to US Dollar AUD/USD continues to move as part of the correction and the formation of the «Wedge» reversal pattern, as we see the sellers failed to go into working out the «Head and Shoulders» model. Moving averages indicate a short-term bullish trend. Prices moved up from the area between the signal lines, which indicates pressure from buyers of the currency pair and a potential continued growth. At the time of the publication of the forecast, the rate of the Australian Dollar to the US Dollar is 0.7241. At the moment, we should expect an attempt to develop growth and test the resistance area near the level of 0.7295. Further, the rebound and the continuation of the fall in quotations to the area below the level of 0.6785 as part of the beginning of the model’s development.
AUD/USD Forecast Australian Dollar August 28, 2020
An additional signal in favor of reducing the AUD/USD currency pair will be a rebound from the trend line on the relative strength index (RSI). The second signal will be the completion of the formation of the Wedge reversal pattern. Cancellation of the option to reduce the Australian Dollar quotes on Forex will be a strong growth and a breakdown of the level of 0.7345. This will indicate a breakdown of the resistance area and continued growth in AUD/USD with a potential target above the level of 0.7495, as well as the cancellation of the formation of a reversal pattern in Forex. It is worth waiting for confirmation of the pair’s fall with the breakdown of the support area and closing of quotations below the level of 0.7115, which will indicate the completion of the formation of the «Wedge» reversal pattern.
AUD/USD Forecast Australian Dollar August 28, 2020 suggests an attempt to test the resistance level near the 0.7295 area. Further, the continuation of the fall in quotations of the pair below the level near the level of 0.6785. An additional signal in favor of reducing the pair will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the 0.7345 area. This will indicate a continued rise in quotations with a potential target above the level of 0.7495.
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