Currency pair Australian Dollar to US Dollar AUD/USD continues to move as part of the correction and formation of the «Head and Shoulders» reversal pattern. Moving averages indicate a short-term bullish trend. Prices continue to push from the area between the signal lines up, which indicates pressure from buyers of the currency pair. At the time of the publication of the forecast, the Australian Dollar to US Dollar rate is 0.6907. At the moment, we should expect an attempt to continue growth and test the resistance area near the level of 0.6950. Further, the rebound and the beginning of the fall of quotations in the area below 0.6665.
AUD/USD Forecast Australian Dollar January 16, 2020
An additional signal in favor of the fall of the AUD/USD pair will be a test of the resistance area on the relative strength index (RSI). The second signal will be the completion of the formation of the «Head and Shoulders» reversal pattern. Cancellation of the option of falling quotes of the Australian Dollar at Forex will be a strong growth and the breakdown level of 0.7035. This will indicate a breakdown of the resistance area and continued growth of AUD/USD with a potential target above the level of 0.7305. Expect confirmation of a fall in the pair with the breakdown of the support area and closing of quotes below the level of 0.6815, in which case we should expect the completion of the reversal model.
AUD/USD Forecast Australian Dollar January 16, 2020 suggests an attempt to test the resistance level near the area of 0.6950. Further, the continuation of the fall of quotations of the pair below the level near the level of 0.6665. An additional signal in favor of reducing the pair will be a test of the resistance line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the 0.7035 area. This will indicate continued growth of quotations with a potential target above the level of 0.7305.
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