The currency pair Australian Dollar to US Dollar AUD/USD continues to move within the correction from the lower boundary of the downward channel. At the moment, with the pair rising to the area above the level of 0.7460, it is necessary to expect the completion of the formation of the downward Forex model of the Wolfe wave, which will indicate a fall below the local minimum level.
AUD/USD Forecast Australian Dollar on May 9, 2017
In favor of falling quotations AUD/USD will test the resistance area on the indicator of relative strength. The cancellation of the variant of the fall of the Australian Dollar to the US Dollar pair will make a strong growth and breakout of the area of 0.7470, which will indicate the continuation of the growth of quotations. Expect to accelerate the fall of the pair is with the breakdown of the area of 0.7380.
Among the important news from Australia, which can have a strong impact on the Australian dollar, it is worth highlighting, the change in the volume of retail trade, the publication of the federal budget.
AUD/USD Forecast Australian Dollar on May 9, 2017 suggests a correction attempt to the area of 0.7460, where it is expected to continue falling to the area below the level of 0.7350 as part of the development of the bearish wave model of Wolf, the cancellation will be a strong growth and breakdown of the area of 0.7470.
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