Currency pair Australian Dollar to US Dollar AUD/USD continues to move in the framework of growth and the formation of the bearish pattern «Wolfe Wave». Moving averages indicate a short-term uptrend. At the time of the publication of the forecast, the Australian Dollar to US dollar is 0.6948. At the moment, we should expect an attempt to grow and test the resistance area near the level of 0.6965. 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 June 4, 2019
In favor of the fall of the pair AUD/USD test will perform a downward resistance line on the indicator of relative strength index (RSI). The second signal will be the test of the upper boundary of the «Wolfe Wave» model. Cancellation of the fall in quotations of the Australian Dollar will be a strong growth and the breakdown level of 0.6995. This will indicate a breakdown of resistance and continued growth of AUD/USD at FOREX with a potential target above the level of 0.7175. It is necessary to wait for confirmation of the pair’s fall with the breakdown of the support area and closing of quotes below the level of 0.6885.
Among the important news from Australia that may affect the rate of the pair AUD/USD, it is worth highlighting: Australia Retail Sales m/m, Reserve Bank of Australia (RBA) Interest Rate Decision, Chairman of the Reserve Bank of Australia Low (RBA) Governor Lowe Speech.
AUD/USD Forecast Australian Dollar June 4, 2019 suggests an attempt to test the resistance level near the 0.6965 area. 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 index (RSI). Cancellation of the fall option will be a strong growth and the breakdown of the area of 0.6995. This will indicate a continued rise in quotes with a potential target above the level of 0.7175.
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