Currency pair Australian Dollar to US Dollar AUD/USD continues to move as part of the growth and the bullish channel. Moving averages indicate a short-term bullish trend. Prices pushed up from the area between the signal lines, which indicates pressure from buyers of the currency pair. At the time of the publication of the forecast, the rate of the Australian Dollar to the US Dollar is 0.7106. At the moment, we should expect an attempt to develop a fall and a test of the support area near the level of 0.7025. Further, a rebound and continued growth of quotations to the area above the level of 0.7235.
AUD/USD Forecast Australian Dollar July 22, 2020
An additional signal in favor of raising 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 lower border of the ascending channel. Cancellation of the option to raise the Australian Dollar quotes on Forex will be a fall and a breakdown of the level of 0.6985. This will indicate a breakdown of the support area and a continued fall in AUD/USD with a potential target below 0.6735. It is worth waiting for confirmation of the rise in the pair with the breakdown of the resistance area and closing of quotations above the level of 0.7165.
Among the important news from Australia that may affect the rate of the AUD/USD pair, it is worth highlighting: Australia Retail Sales m/m.
AUD/USD Forecast Australian Dollar July 22, 2020 suggests an attempt to test the support level near the 0.7025 area. Further, the continued growth of the pair quotes above the level near the level of 0.7235. 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 0.6985 area. This will indicate a continued decline in quotations with a potential target below the level of 0.6735.
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