Currency pair Australian Dollar to US Dollar AUD/USD completes the trading week near the 0.7310 area. The pair continues to move within the correction. Moving averages indicate a downward trend. At the moment, we can expect an attempt to test growth and the resistance area near the level of 0.7405. Then the continuation of the fall of AUD/USD with a potential target below the level of 0.6930.
AUD/USD weekly forecast & analysis December 3 — 7, 2018
In favor of the fall of the pair on Forex, a breakdown of the rising trend line on the relative strength index (RSI) will be made. Cancellation of the option to reduce AUD/USD in the current trading week from December 3 — 7, 2018 will be a strong growth and a breakdown of 0.7580. This will indicate a breakdown of the upper boundary of the bearish channel and the continued growth of the Australian Dollar on Forex. Confirmation of the downward trend will be the breakdown of the area of support and closing below the level of 0.7145.
Among the important news from Australia that may have an impact on the Australian rate, it is worth highlighting: The decision of the Reserve Bank of Australia on the basic interest rate, the accompanying statement of the Reserve Bank of Australia, the change in GDP.
AUD/USD weekly forecast & analysis December 3 — 7, 2018 implies an attempt to test the level 0.7405. Further, the continuation of the fall below the level of 0.6930. A test of the trend line on the relative strength index (RSI) will be in favor of reducing the pair. Cancellation of the fall option will be a strong growth and the breakdown of the 0.7580 area. This will indicate a breakdown of the resistance area and continued growth of the pair.