Currency pair Australian Dollar to US Dollar AUD/USD continues to move as part of the correction and the upward channel. Moving averages indicate a short-term bullish trend. Prices are testing the area between the signal lines, 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 0.6545. At the moment, we should expect an attempt to reduce and test the support area near the level of 0.6475. Further, the rebound and continued growth of quotations to the area above 0.6755.
AUD/USD Forecast Australian Dollar May 26, 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 lower boundary of the ascending channel. Cancellation of the growth option for the Australian Dollar quotes at Forex will be a fall and a breakdown of the level of 0.6405. This will indicate a breakdown of the resistance area and continued growth of AUD/USD with a potential target below the level of 0.6215. Expect confirmation of the growth of the pair is with the breakdown of the resistance area and closing of quotations above the level of 0.6615.
AUD/USD Forecast Australian Dollar May 26, 2020 suggests an attempt to test the support level near the area of 0.6475. Further, the continued growth of the pair quotes below the level near the level of 0.6755. 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 0.6405. This will indicate a continued decline in quotations with a potential target below the level of 0.6215.
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