Currency pair Australian Dollar to US Dollar AUD/USD continues to move as part of a minor correction and a downward channel. Moving averages indicate a short-term bearish trend. Prices have gone far down from the area between the signal lines, indicating pressure from the sellers of the currency pair. At the time of the publication of the forecast, the Australian Dollar to US Dollar rate is 0.6574. At the moment, we should expect an attempt to grow and test the resistance area near the level of 0.6645. Further, the rebound and the beginning of the fall of quotations in the area below 0.6415.
AUD/USD Forecast Australian Dollar February 28, 2020
An additional signal in favor of the fall of the AUD/USD currency pair will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the option to reduce the Australian Dollar quotes at Forex will be a strong growth and the breakdown level of 0.6720. This will indicate a breakdown of the resistance area and continued growth of AUD/USD with a potential target above the level of 0.6855. Expect confirmation of a fall in the pair with the breakdown of the support area and closing of quotations below the level of 0.6505.
Important news from Australia, which may affect the rate of the AUD/USD pair, is not expected, so the pair will continue to move as part of a technical analysis.
AUD/USD Forecast Australian Dollar February 28, 2020 suggests an attempt to test the resistance level near the 0.6645 area. Further, the continuation of the fall of quotations of the pair below the level near the level of 0.6415. 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 reduction option will be a strong growth and a breakdown of the area of 0.6720. This will indicate a continued rise in quotes with a potential target above the level of 0.6855.
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