Currency pair Australian Dollar to US Dollar AUD/USD completes trading week near the area of 0.7516. The pair continues to move in a bearish trend. At the moment, we should expect an attempt to test the upper border of the channel near the area of 0.7650 and continue the fall of AUD/USD with a target below 0.7250.
AUD/USD weekly forecast May 7 — 11, 2018
In favor of the fall, a trendline test will be performed on the relative strength index (RSI). The cancellation of the AUD/USD fall will result in a strong growth and breakdown at the level of 0.7750, which will indicate the breakdown of the upper border of the channel and the continued growth of the Australian Dollar in Forex. A confirmation of the bearish trend development will be the breakdown of the support area and the closure below the level of 0.7450, which will indicate the breakdown of the lower boundary of the bullish channel.
AUD/USD weekly forecast May 7 — 11, 2018 suggests a test of the level of 0.7650 and continuation of the fall below the level of 0.7250, in favor of the fall of the pair, a downtrend test on the relative strength index (RSI).
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