Currency pair Australian Dollar to US Dollar AUD/USD continues to move as part of the correction and formation of the «Head and Shoulders» model. Moving averages indicate a short-term bullish trend. Prices are testing the area between the signal lines, which indicates a probable upward rebound from the current levels. At the time of the publication of the forecast, the Australian Dollar to US Dollar rate is 0.6824. At the moment, we should expect an attempt to continue growth and test the resistance area near the level of 0.6905. Further, the rebound and the beginning of the fall of quotations in the area below 0.6665.
AUD/USD Forecast Australian Dollar November 14, 2019
An additional signal in favor of the fall of the AUD/USD pair will be a test of the broken trend line on the relative strength index (RSI). The second signal will be the completion of the formation of the reversal model. Cancellation of the option of falling quotes of the Australian Dollar at FOREX will be a strong growth and the breakdown level of 0.6965. This will indicate a breakdown of the resistance area and continued growth of AUU/USD with a potential target above the level of 0.7175. Expect confirmation of a fall in the pair with a breakdown of the lower boundary of the rising channel and closing quotes below the level of 0.6735.
Among the important news from Australia that may affect the rate of the AUD/USD pair, it is worth highlighting: Australia Employment Change.
AUD/USD Forecast Australian Dollar November 14, 2019 suggests an attempt to test the resistance level near the area of 0.6905. Further, the continuation of the fall of quotations of the pair below the level near the level of 0.6665. An additional signal in favor of reducing the pair will be a test of the resistance line on the relative strength index (RSI). Cancellation of the reduction option will be a strong growth and a breakdown of the area of 0.6965. This will indicate a continued rise in quotations with a potential target above the level of 0.7175.
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