Currency pair Australian Dollar to US Dollar AUD/USD continues to move as part of the fall and the formation of the «Wedge» reversal pattern. Moving averages indicate a short-term bullish trend. Prices pierced the area between the signal lines up, which indicates pressure from buyers of the currency pair. At the time of the publication of the forecast, the Australian Dollar to US Dollar rate is 0.6474. At the moment, we should expect an attempt to rise and test the resistance area near the level of 0.6505. Further, the rebound and continued fall of quotations to the area below 0.5975.
AUD/USD Forecast Australian Dollar May 12, 2020
An additional signal in favor of the fall of the AUD/USD currency pair will be a rebound from the trend line on the relative strength index (RSI). The second signal will be the completion of the formation of the reversal model «Wedge». Cancellation of the option of falling quotes of the Australian Dollar at Forex will be a strong growth and the breakdown level of 0.6655. This will indicate a breakdown of the resistance area and continued growth of AUD/USD with a potential target above the level of 0.6925. Expect confirmation of a fall in the pair is with the breakdown of the support area and closing of quotes at the level of 0.6305.
AUD/USD Forecast Australian Dollar May 12, 2020 suggests an attempt to test the resistance level near the area of 0.6505. Further, the continuation of the fall of quotations of the pair below the level near the level of 0.5975. 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 area of 0.6655. This will indicate a continued rise in quotations with a potential target above the level of 0.6925.
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