Currency pair Australian Dollar to US Dollar AUD/USD continues to move in the framework of the correction and the formation of the bearish wave «Wolfe Wave». At the time of the publication of the forecast, the Australian Dollar to US Dollar rate is 0.7243. At the moment, we should expect an attempt to grow and test the resistance area near the level of 0.7300. Further, the continuation of the fall of quotations to the area below the level of 0.7125.
AUD/USD Forecast Australian Dollar February 6, 2019
In favor of reducing the pair AUD/USD, a test of the downward trend line on the relative strength index (RSI) will be performed. Cancellation of the fall in quotations of the Australian Dollar will be a strong growth and the breakdown level of 0.7335. This will indicate a breakdown of resistance and continued growth of AUD/USD at FOREX with a potential target above the level of 0.7425. Expect to accelerate the fall of the pair is with the breakdown of the support area and closing quotes below the level of 0.7175.
Among the important news from Australia, which may have an impact on the course of the pair AUD/USD, it is worth highlighting: RBA Governor Philip Low will make a speech.
AUD/USD Forecast Australian Dollar February 6, 2019 suggests an attempt to test the resistance level near the 0.7300 area. Further, the continuation of the fall in quotations of the pair below the level near the level of 0.7125. An additional signal in favor of the fall of 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 the breakdown of 0.7335. This will indicate a continued rise in quotes with a potential target above the level of 0.7425.