Currency pair Australian Dollar to US Dollar AUD/USD continues to move as part of strong growth and left the downward channel. Moving averages indicate a short-term bearish trend. However, prices have broken through the area between the signal lines upward, which indicates pressure from buyers of the currency pair and a potential continuation of the growth of the instrument’s value from the current levels. At the time of the publication of the forecast, the rate of the Australian Dollar to the US Dollar is 0.7271. At the moment, we should expect an attempt to develop a downward correction and a test of the support area near the level of 0.7175. Further, a rebound and continued growth of quotations to the area above the level of 0.7465.
AUD/USD Forecast Australian Dollar November 6, 2020
An additional signal in favor of the growth 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 border of the Double Bottom reversal pattern. Cancellation of the growth option for the Australian Dollar quotes on Forex will be a fall and a breakdown of the level of 0.6965. This will indicate a breakdown of the support area and a continued fall of the AUD/USD currency pair with a potential target below the level of 0.6575. It is worth waiting for confirmation of the growth of the pair with the breakdown of the resistance area and closing of quotations above the level of 0.7355.
AUD/USD Forecast Australian Dollar November 6, 2020 suggests an attempt to test the support level near the 0.7175 area. Further, the continued growth of the pair quotes above the level near the level of 0.7465. 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 0.6965 area. This will indicate a continued decline in quotations with a potential target below the level of 0.6575.
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