Currency pair Australian Dollar to US Dollar AUD/USD continues to move as part of strong growth and the formation of the «Wedge» reversal pattern. Moving averages indicate a short-term bullish trend. Prices have gone up from 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 0.6644. At the moment, we should expect an attempt to grow and test the resistance area near the level of 0.6675. Further, the rebound and continued fall of quotations to the area below 0.6385.
AUD/USD Forecast Australian Dollar May 27, 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 a rebound from the upper boundary of the «Wedge» model. Cancellation of the option to reduce the Australian Dollar quotes at FOREX will be a strong growth and the breakdown level of 0.6705. This will indicate a breakdown of the resistance area and continued growth of AUD/USD with a potential target below the level of 0.6935. Expect confirmation of a fall in the pair with a breakdown of the lower boundary of the «Wedge» model and closing quotes at the level of 0.6535.
AUD/USD Forecast Australian Dollar May 27, 2020 suggests an attempt to test the resistance level near the area of 0.6675. Further, the continuation of the fall of quotations of the pair below the level near the level of 0.6385. 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 0.6705. This will indicate a continued rise in quotations with a potential target above the level of 0.6935.
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