Currency pair Australian Dollar US Dollar AUD/USD is trading at 0.7010 and continues to move in the fall. The pair is trading below the bottom of the Ichimoku Kinko Hyo Cloud. This indicates the presence of a downward trend in the Australian Dollar/US Dollar. As part of the Forex forecast for April 29, 2019. A test of the Ichimoku Kinko Hyo signal line region is expected near the level of 0.7040. Where should we expect an attempt to rebound and the continuation of the fall of the currency pair. The target of such a pair movement in Forex is the area near the level of 0.6885.
Australian Dollar Forecast AUD/USD April 29, 2019
An additional signal in favor of reducing the AUD/USD currency pair at FOREX will be a test of the resistance area. The second signal will be a rebound from the upper boundary of the bearish channel. Earlier, a weak signal was received for SELL the Australian Dollar/US Dollar. The signal was formed due to the intersection of signal lines at the level of 0.7165.
Canceling the option of falling quotations of the pair AUD/USD will be the breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud. The reversal will be confirmed by closing of quotations above the area of 0.7085. This option will indicate a change in the downward trend in favor of the upward trend and continued growth of the pair. Expect to accelerate the fall in quotations AUD/USD stands with the breakdown of the support area and closing below the level of 0.7000.
Australian Dollar Forecast AUD/USD April 29, 2019 implies an attempt to test the resistance level near the area of 0.7040. Where can we expect the continuation of the fall of the currency pair with a potential target near the level of 0.6885. Cancellation of the fall option will be the breakdown of the 0.7085 area. This will indicate continued growth in the currency pair on Forex with a target above the 0.7185 area.