Currency pair Australian Dollar to US Dollar AUD/USD continues to move as part of strong strong growth and the beginning of the development of the «Triangle» model. 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 0.6583. At the moment, we should expect an attempt to reduce and test the support area near the level of 0.6525. Further, the rebound and continued growth of quotations to the area above 0.6765.
AUD/USD Forecast Australian Dollar May 21, 2020
An additional signal in favor of the rise 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 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 0.6425. This will indicate a breakdown of the resistance area and continued growth of AUD/USD with a potential target above the level of 0.6235. Expect confirmation of the growth of the pair is with the breakdown of the resistance area and closing of quotations above the level of 0.6635.
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) Governor Lowe Speech.
AUD/USD Forecast Australian Dollar May 21, 2020 suggests an attempt to test the support level near the 0.6525 area. Further, the continued growth of quotations of the pair below the level near the level of 0.6765. 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 0.6425. This will indicate a continued decline in quotations with a potential target below the level of 0.6235.
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