Currency pair Australian Dollar to US Dollar AUD/USD continues to move within the framework of the formation of the «Triangle» model. At the time of publication of the forecast, the Australian Dollar to the US Dollar rate is 0.7353. At the moment, we should expect an attempt to test the resistance area near the level of 0.7375 and continue falling quotations in the area below the level of 0.7240.
AUD/USD forecast & technical analysis August 29, 2018
In favor of the fall of the pair AUD/USD will form a reversal model «Head and Shoulders» on the indicator of relative strength index (RSI). The cancellation of the drop in the Australian Dollar quotes will result in a strong growth and breakdown at the level of 0.7420, which will indicate the breakdown of the upper limit of the bearish channel and the continuation of the AUD/USD growth on FOREX with a target above 0.7530. To expect confirmation of the development of the bearish trend for the pair is with the breakdown of the support area and the closing of quotations below the level of 0.7215.
AUD/USD forecast & technical analysis August 29, 2018 suggests an attempt to test the resistance level near the 0.7375 area and the continuation of the fall of the pair’s quotes below the level of 0.7240, an additional signal in favor of the fall of the pair will be a test of the resistance area on the indicator of relative strength index (RSI).
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