Forecast for the currency pair AUD / USD 05/06/20
Published on 05.06.2020 16:29

Forecast for the currency pair AUD / USD
Today I propose to pay attention to the AUD / USD currency pair. By the opening of the European trading session, buyers managed to overcome the resistance of 0.7000 / 05, but the level couldn’t hold. I would like to draw your attention to the fact that the marked level is very strong and was formed as far back as the end of December 2019. As a result, there is a risk of developing a strong corrective decline from current highs.


Trading Outlook:
The main scenario takes into account a decrease in of the currency pair from current highs. The closest technical support level is located at 0.6870, while the local target is located at 0.6675.
The alternative scenario takes into account the breakthrough of resistance 0.7000 / 05, thereby canceling the main scenario. This scenario can come about with further weakening of the USD at the time of the release of of the US unemployment report. In this case, the target for buyers will be the mark 0.7075 and further to 0.7200.
Let me remind you that today the United States will publish the latest unemployment figures and non-farm payrolls report. The figure expected by analysts is 19.5%, with the dismissal of an additional 7.75 million people in May. If the results come in as analysts expect or even worse the alternative scenario will become the main one.
The above review is not a direct guide to action, but carries an exclusively recommendatory nature.


Andrew Masters

Analyst

The world of trading has no boundaries
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