Currency pair Australian Dollar to US Dollar AUD/USD continues to move in the framework of the bullish correction. At the time of the publication of the forecast, the Australian Dollar to US Dollar rate is 0.7139. At the moment, we should expect an attempt to test the resistance area near the level of 0.7175 and continue the fall of quotations to the area below the level of 0.7025.
AUD/USD forecast Australian Dollar October 16, 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. Cancellation of the fall in quotations of the Australian Dollar will be a strong growth and the breakdown of the level of 0.7215, which will indicate a breakdown of the upper boundary of the channel and continued growth of AUD/USD in Forex with a potential target above the level of 0.7275. Expect to accelerate the development of the fall in the pair stands with the breakdown of the support area and closing quotes below the level of 0.7075.
Among the important news from Australia that may affect the course of the pair AUD/USD, it is worth highlighting: Minutes of the RBA meeting on monetary policy issues.
AUD/USD forecast Australian Dollar October 16, 2018 suggests an attempt to test the resistance level near 0.7175 and continue falling of the pair’s quotes below 0.7025, an additional signal in favor of reducing the pair is a trend line test on the relative strength index (RSI), canceling the option of falling there will be a strong growth and a breakdown of the 0.7215 area, which will indicate continued growth.