Currency pair Australian Dollar to US Dollar AUD/USD continues to move as part of a bearish correction. Moving averages indicate the presence of a short-term bullish trend, prices continue to push from the area between the signal lines, which indicates pressure from buyers. At the time of the publication of the forecast, the Australian Dollar to US Dollar rate is 0.6827. At the moment, we should expect an attempt to fall and test the support area near the level of 0.6795. Further, a rebound from the lower border of the channel and continued growth of quotations to the area above 0.6905.
AUD/USD Forecast Australian Dollar October 29, 2019
An additional signal in favor of raising the AUD/USD pair will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the ascending channel. Cancellation of the growth option for the Australian Dollar quotes at Forex will be a fall and a breakdown of the level of 0.6765. This will indicate a breakdown of the support area and continued fall of AUD/USD with a potential target below the level of 0.6605. Expect confirmation of the growth of the pair is with the breakdown of the resistance area and closing of quotations above the level of 0.6865.
Among the important news from Australia that may affect the exchange rate of the AUD/USD pair, it is worth highlighting: Reserve Bank of Australia (RBA) Governor Lowe Speech.
AUD/USD Forecast Australian Dollar October 29, 2019 suggests an attempt to test the support level near the area of 0.6795. Further, the continued growth of the pair quotes above the level near the level of 0.6905. An additional signal in favor of the growth of the pair will be a test of the support line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the area of 0.6765. This will indicate a continued decline in quotations with a potential target below the level of 0.6605.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
