Forecast for the currency pair AUD / USD
Published on 05.05.2020 16:51

Forecast of the currency pair AUD / USD
Today we will take a look at the AUD / USD currency pair. At the time of writing the review, quotes of the pair have once again returned above the technical resistance area of 0.6430-0.6440, thereby indicating further buyer interest. As a result, the next goal for is the maximum of the previous week and then the local resistance level of 0.6650.
Trading look:
The main scenario.
This scenario takes into account the growth of quotations to 0.6565 and further to the local target at 0.6650. The bullish scenario will be realized subject to further strengthening of the AUD and the weakening of the USD.
Alternative scenario.
The cancellation for the bullish scenario will be the return of quotations under the minimum of the European trading session - the level of 0.6410 / 15. In this case, the risk of a further decline to 0.6370 and further to 0.6245 will increase significantly.
During the publication of the ISM composite index for the non-manufacturing sector of the US economy, USD trading activity and, as a result, this currency pair may increase. The release data less than analysts expectations may put pressure on the pair, canceling the main scenario.
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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