Currency pair Australian Dollar to US Dollar AUD/USD continues to move as part of the growth and formation of the bullish «Wolfe Wave» model. Moving averages indicate a short-term bearish trend. Prices returned to the area between the signal lines, indicating pressure from buyers of the pair. At the time of the publication of the forecast, the Australian Dollar to US Dollar rate is 0.6797. At the moment, we should expect an attempt to continue to decline and test the support area near the level of 0.6735. Further, the rebound and the beginning of the growth of quotations to the area above 0.6945.
AUD/USD Forecast Australian Dollar December 3, 2019
An additional signal in favor of the growth of the AUD/USD pair will be an uptrend test on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the ascending channel. Cancellation of the option of raising the Australian Dollar quotes on FOREX will be a fall and a breakdown of the level of 0.6675. This will indicate a breakdown of the support area and a continued decline in AUD/USD with a potential target below 0.6515. Expect confirmation of the growth of the pair is with the breakdown of the resistance area and closing of quotations above the level of 0.6805.
Among the important news from Australia that may affect the exchange rate of the AUD/USD pair, it is worth highlighting: Reserve Bank of Australia (RBA) Interest Rate Decision.
AUD/USD Forecast Australian Dollar December 3, 2019 suggests an attempt to test the support level near the area of 0.6735. Further, the continued growth of quotations of the pair above the level near the level of 0.6945. An additional signal in favor of raising the pair will be a test of the support line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the area of 0.6675. This will indicate a continued decline in quotations with a potential target below the level of 0.6515.