Currency pair Australian Dollar to US Dollar AUD/USD continues to move in the framework of working off the bearish model «Wolfe Wave». At the time of publication of the forecast, the Australian Dollar to the US Dollar rate is 0.7389. At the moment, we should expect a test of the resistance area near the level of 0.7435 and the continuation of falling quotations in the area below the level of 0.7245 as part of the model’s development.
AUD/USD forecast & technical analysis July 12, 2018
In favor of the fall of the pair AUD/USD will perform a test of the broken trend line 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 channel’s upper boundary and the continuation of AUD/USD growth on Forex with a target above 0.7590. To expect confirmation of the development of the downward trend for the pair is with the breakdown of the support area and the closing of quotations below the level of 0.7350.
AUD/USD forecast & technical analysis July 12, 2018 suggests a test of the resistance level near the area of 0.7435 and the continuation of the fall of quotations below the level of 0.7240, an additional signal in favor of the fall of the pair will test the trend line on the indicator of relative strength index (RSI).