Currency pair Australian Dollar to US Dollar AUD/USD continues to move as part of strong 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, indicating pressure from buyers of the currency pair. At the time of the publication of the forecast, the Australian Dollar to US Dollar rate is 0.6974. At the moment, we should expect an attempt to reduce and test the support area near the level of 0.6910. Further, the rebound and continued growth of quotations to the area above the level of 0.7095.
AUD/USD Forecast Australian Dollar July 7, 2020
An additional signal in favor of the growth of the AUD/USD currency pair will be a rebound from the ascending trend line on the relative strength index (RSI). The second signal will be 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 0.6825. This will indicate a breakdown of the support area and continued fall of AUD/USD with a potential target below the level of 0.6655. Expect confirmation of the growth of the pair is with the breakdown of the resistance area and closing of quotations above the level of 0.7065, which will indicate a breakdown of the upper boundary of the «Triangle» model.
Among the important news from Australia that may affect the exchange rate of the AUD/USD pair, it is worth highlighting: Reserve Bank of Australia (RBA) Interest Rate Decision.
AUD/USD Forecast Australian Dollar July 7, 2020 suggests an attempt to test the support level near the 0.6910 area. Further, the continued growth of quotations of the pair above the level near the level of 0.7095. 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 0.6825. This will indicate a continued decline in quotations with a potential target below the level of 0.6655.
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