Currency pair Australian Dollar to US Dollar AUD/USD continues to move as part of the growth and the beginning of the development of the «Triangle» model. Moving averages indicate a short-term bullish trend. Prices pushed 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 0.7024. At the moment, we should expect an attempt to correct and test the support area near the level of 0.6965. Further, the rebound and continued growth of quotations to the area above the level of 0.7145.
AUD/USD Forecast Australian Dollar July 16, 2020
An additional signal in favor of the rise of the AUD/USD currency pair will be a rebound from the trend line on the relative strength index (RSI). The second signal is a rebound from the upper boundary of the «Triangle» model. Cancellation of the growth option for the Australian Dollar quotes at FOREX will be a fall and a breakdown of the level of 0.6905. This will indicate a breakdown of the support area and continued fall of AUD/USD with a potential target below the level of 0.6755. Expect confirmation of the growth of the pair is with the breakdown of the resistance area and closing of quotations above the level of 0.7105.
Among the important news from Australia that may affect the rate of the AUD/USD pair, it is worth highlighting: Australia Employment Change.
AUD/USD Forecast Australian Dollar July 16, 2020 suggests an attempt to test the support level near the area of 0.6965. Further, the continued growth of the pair quotes above the level near the level of 0.7145. An additional signal in favor of raising the pair will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the area of 0.6905. This will indicate a continued decline in quotations with a potential target below the level of 0.6755.
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