Currency pair Australian Dollar to US Dollar AUD/USD continues to trade as expected. The pair pushed away from the upper boundary of the descending channel and at the moment there is a potential for continuing falling of quotations in the area below the level of 0.74.
Technical analysis and Forecast AUD/USD on May 3, 2017
In favor of the fall is the test of the downward trend line on the indicator of relative strength. Cancellation of the variant of falling of quotations AUD/USD will be a breakdown of the upper boundary of the descending channel, which will indicate the continued growth of the pair in the area above the level of 0.7650.
Among the important news from Australia, which can have a strong impact on the Australian dollar, it is worth highlighting, the index of activity in the service sector from AiG.
Technical analysis and Forecast AUD/USD on May 3, 2017 suggests an attempt to fall below 0.74 as part of the downward correction of the Forex 1:1 model, with the breakdown of the 0.7665 area being canceled.
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