Currency pair Australian Dollar to US Dollar AUD/USD continues to move as part of the correction and formation of the inverted «Head and Shoulders» model. Moving averages indicate a short-term bearish trend. Prices pushed from the area between the signal lines, indicating pressure from the sellers of the currency pair and the potential continuation of the downward trend. At the time of the publication of the forecast, the Australian Dollar to US Dollar rate is 0.6683. At the moment, we should expect an attempt to fall and test the support area near the level of 0.6665. Further, the rebound and the beginning of the growth of quotations in the area above 0.6820.
AUD/USD Forecast Australian Dollar February 19, 2020
An additional signal in favor of the growth of the AUD/USD currency pair will be a test of the support line on the relative strength index (RSI). The second signal will be the formation of a reversal model of an inverted «Head and Shoulders». Cancellation of the growth option for the Australian Dollar quotes at Forex will be a fall and a breakdown of the level of 0.6625. This will indicate a breakdown of the support area and continued fall of AUD/USD with a potential target below the level of 0.6405. Expect confirmation of the growth of the pair is with the breakdown of the resistance area and closing of quotations above the level of 0.6755.
AUD/USD Forecast Australian Dollar February 19, 2020 suggests an attempt to test the support level near the area of 0.6665. Further, the continued growth of the pair quotes above the level near the level of 0.6820. 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 0.6625. This will indicate a continued decline in quotations with a potential target below the level of 0.6405.
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