Currency pair Australian Dollar to US Dollar AUD/USD continues to move within the framework of correction and formation of the «Triangle» model. At the time of publication of the forecast, the rate of the Australian Dollar to the US dollar is 0.7417. At the moment, we should expect an attempt to test the resistance area near the level of 0.7420 and continue falling quotations in the area below the level of 0.7305.
AUD/USD forecast & technical analysis August 1, 2018
In favor of the fall of the AUD/USD pair, the trend line test will be performed on the relative strength index (RSI), as well as the formation of the «Head and Shoulders» reversal model. The cancellation of the drop in the Australian Dollar quotations will result in a strong growth and breakdown at the level of 0.7465, which will indicate the breakdown of the resistance area and the continued growth of AUD/USD on Forex with a target above 0.7580. To expect confirmation of the development of the bearish trend for the pair is with the breakdown of the lower bound of the «Triangle» model and the closing of quotations below the level of 0.7325.
AUD/USD forecast & technical analysis August 1, 2018 suggests an attempt to test the resistance level near the area of 0.7420 and the continuation of the fall of quotations of the pair below the level of 0.7305, an additional signal in favor of the fall of the pair will test the trend line on the indicator of relative strength index (RSI), there will be a strong growth and breakdown of the area of 0.7465, which indicates the breakdown of the upper limit of the «Triangle» model.