Currency pair Australian Dollar to US Dollar AUD/USD continues to move in the framework of the fall and the downward channel. Moving averages indicate a short-term downward trend. At the time of the publication of the forecast, the Australian Dollar rate to the US Dollar is 0.6920. At the moment, we should expect an attempt to grow and test the resistance area near the level of 0.6940. Further, a rebound from the resistance level and the continuation of the fall in quotations to the area below 0.6765.
AUD/USD Forecast Australian Dollar May 16, 2019
In favor of the fall of the pair AUD/USD will test the downward trend line on the indicator of relative strength index (RSI). The second signal will be the test of the upper limit of the bearish channel. Cancellation of the option of falling quotes of the Australian Dollar will be a strong growth and the breakdown of the level of 0.7015. This will indicate a breakdown of resistance and continued growth of AUD/USD at Forex with a potential target above the level of 0.7115. Waiting for confirmation of the pair’s fall is with the breakdown of the support area and closing of quotes below the level of 0.6895.
Among the important news from Australia that may affect the rate of the pair AUD/USD, it is worth highlighting: Australia Employment Change.
AUD/USD Forecast Australian Dollar May 16, 2019 implies an attempt to test the resistance level near the 0.6940 area. Further, the continuation of the fall in quotations of the pair below the level near the level of 0.6765. 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 0.7005 area. This will indicate a continued rise in quotes with a potential target above the level of 0.7115.