Currency pair Australian Dollar to US Dollar AUD/USD continues to move as part of the growth and the ascending channel. Moving averages indicate a short-term bullish trend. Prices are testing the area between the signal lines, which indicates pressure from buyers of the currency pair and potential continued growth. At the time of the publication of the forecast, the rate of the Australian Dollar to the US Dollar is 0.7146. At the moment, we should expect an attempt to develop a correction and test the support area near the level of 0.7115. Further, a rebound and continued growth of quotations to the area above the level of 0.7275.
AUD/USD Forecast Australian Dollar July 31, 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 will be a rebound from the lower border of the ascending channel. Cancellation of the growth option for the Australian Dollar quotes on Forex will be a fall and a breakdown of the level of 0.7055. This will indicate a breakdown of the support area and a continued fall in AUD/USD with a potential target below 0.6905. It is worth waiting for confirmation of the growth of the pair with the breakdown of the resistance area and closing of quotations above the level of 0.7255.
AUD/USD Forecast Australian Dollar July 31, 2020 suggests an attempt to test the resistance level near the 0.7115 area. Further, the continuation of the fall in quotations of the pair below the level near the level of 0.7275. An additional signal in favor of reducing the pair will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the 0.7055 area. This will indicate a continued rise in quotations with a potential target above the level of 0.6905.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link