Currency pair Australian Dollar to US Dollar AUD/USD completes the trading week near the area of 0.7239. The pair continues to move within the bullish correction. At the moment, we should expect an attempt to test the support area near the level of 0.7085 and continue the growth of AUD/USD with the target above the level of 0.7540.
AUD/USD weekly forecast & analysis November 5 — 9, 2018
The test of the broken trend line on the indicator of relative strength index (RSI), as well as the formation of the head and shoulders reversal pattern will be in favor of the pair growth at Forex. The cancellation of the AUD/USD growth option in the current trading week on November 5 — 9, 2018 will be a fall and a breakdown level of 0.6950, which will indicate the breakdown of the support area and the continuation of the fall of the Australian Forex Dollar. Confirmation of the upward trend will be the breakdown of the resistance area and the closure above 0.7320.
Among the important news from Australia, which may have an impact on the Australian rate, it is worth highlighting: RBA decision on the basic interest rate, RBA accompanying statement, RBA monetary policy announcement.
AUD/USD weekly forecast & analysis November 5 — 9, 2018 involves an attempt to test the level of 0.7085 and continue growth above 0.7540, in favor of the pair’s growth will be a test of the trend line on the relative strength index (RSI), the fall will be canceled and the breakdown of 0.6950 will be possible. which indicates a breakdown of the support area and the continuation of the fall of the pair.