Currency pair Australian Dollar to US Dollar AUD/USD completes the trading week near the 0.7118 area. The pair continues to move in decline. At the moment, we should expect an attempt to test the upper limit of the downward channel near the level of 0.7230 and continue the decline of AUD/USD with the target below 0.6720.
AUD/USD weekly forecast & analysis October 15 — 19, 2018
A test of the trend line on the relative strength index (RSI) will be in favor of the pair falling on Forex. The cancellation of the option to reduce AUD/USD in the current trading week from October 15 — 19, 2018 will be a strong growth and a breakdown of 0.7370, which will indicate a breakdown of the upper boundary of the channel and continued growth of the Australian Dollar on Forex. Confirmation of the bearish trend will be the breakdown of the support area and the closure below 0.7025.
Among the important news from Australia that may have an impact on the Australian course, it is worth highlighting: Minutes of the RBA meeting on monetary policy, unemployment rate, change in the number of employees.
AUD/USD weekly forecast & analysis October 15 — 19, 2018 implies an attempt to test the level of 0.7230 and continue to decline below 0.6720, a test of the trend line on the relative strength index (RSI) will act in favor of the pair, a strong growth will cancel the decline and the breakdown of 0.7370 that will indicate breakdown resistance and continued growth of the pair.