Currency pair Australian Dollar to US Dollar AUD/USD continues to move in the framework of the correction and the formation of the «Head and Shoulders» reversal pattern. At the time of the publication of the forecast, the Australian Dollar to US dollar rate is 0.7239. At the moment, we should expect an attempt to grow and test the resistance area near the level of 0.7300. Further, the continuation of the fall of quotations in the area below the level of 0.7095.
AUD/USD forecast Australian Dollar November 29, 2018
The test of the resistance line on the relative strength index (RSI) will be in favor of the fall of the AUD/USD pair. As well as the formation of a reversal pattern. Cancellation of the fall in quotations of the Australian Dollar will be a strong growth and the breakdown level of 0.7345. This will indicate the breakdown of the resistance area and the abolition of the formation of a reversal pattern. Then, continued growth of AUD/USD at Forex with a potential target above the level of 0.7455. Waiting for confirmation of the trend change for the pair is with the breakdown of the support area and closing of quotes below the level of 0.7175.
Among the important news from Australia that may affect the rate of the pair AUD/USD, it is worth highlighting: Changes in the volume of capital expenditures in the private sector. Strong growth is expected, which may provide short-term support for the Australian Dollar.
AUD/USD forecast Australian Dollar November 29, 2018 suggests an attempt to test the resistance level near the 0.7300 area. Further, the continuation of the fall in quotations of the pair below the level of 0.7095. 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 the breakdown of the 0.7345 area. This will indicate a continuation of the climb.
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