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 Australian Dollar to the US Dollar rate is 0.7409. The pair continues to develop an upward correction. At the moment, we should expect an attempt to test the resistance area near the level of 0.7440 and the beginning of the fall of quotations in the area below the level of 0.7200 as part of the «Triangle» model development.
AUD/USD forecast & technical analysis August 9, 2018
In favor of the fall of the pair AUD/USD, a trend line test will be performed on the indicator of relative strength index (RSI). The cancellation of the drop in the Australian Dollar quotations will result in a strong growth and breakdown at the level of 0.7485, 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 limit of the «Triangle» model and the closing of quotations below the level of 0.7330.
AUD/USD forecast & technical analysis August 9, 2018 suggests an attempt to test the resistance level near the area of 0.7440 and the continuation of the fall of the pair’s quotes below the level of 0.7200, an additional signal in favor of the fall of the pair will be a trend line test on the relative strength index (RSI).