Currency pair Australian Dollar to US Dollar AUD/USD continues to move in the framework of the correction and the formation of the downward pattern «Wolfe Wave». Moving averages indicate a short-term uptrend. At the time of the publication of the forecast, the Australian Dollar rate to the US Dollar is 0.7033. At the moment, we should expect an attempt to grow and test the resistance area near the level of 0.7075. Further, the rebound from the resistance level and the continuation of the fall of quotations to the area below 0.6835.
AUD/USD Forecast Australian Dollar July 19, 2019
In favor of the fall of the pair AUD/USD test will perform a downward resistance line on the indicator of relative strength. The second signal will be a rebound from the upper border of the «Wolfe Wave» model. Cancellation of the option of falling quotes of the Australian Dollar will be a strong growth and the breakdown of the level of 0.7145. This will indicate a breakdown of resistance and continued growth of AUD/USD at Forex with a potential target above the level of 0.7275. It is necessary to wait for confirmation of the pair’s fall with the breakdown of the support area and the closing of quotes below the level of 0.6975.
AUD/USD Forecast Australian Dollar July 19, 2019 suggests an attempt to test the resistance level near the area of 0.7075. Further, the continuation of the fall in quotations of the pair below the level near the level of 0.6835. An additional signal in favor of reducing the pair will be a test of the trend line on the relative strength indicator. Cancellation of the fall option will be a strong growth and the breakdown of the 0.7145 area. This will indicate a continued rise in quotes with a potential target above the level of 0.7275.