Forecast for the currency pair of the AUD / USD
Published on 03.06.2020 11:42

Forecast of the currency pair AUD / USD

Today we will take a look at the AUD / USD currency pair which came close to a very important technical area of ​​resistance 0.7005-0.7075. This price range is a zone of accumulation and if the price reaches the marked area, there is a risk of developing a fairly strong correctional decline. I will draw your attention to the fact that AUD has risen in tandem with most currencies. For example, the EUR / AUD currency pair collapsed by more than 650 points in just three days.

Trading outlook:

The main scenario takes into account further growth to the area of ​​0.7005–0.7075, in which I will wait for the formation of a sell signal. Given the strong growth of this pair, I do not exclude the possibility that today the bulls will be able to carry out a false breakdown of the lower border of the marked side of 0.7005.

I will consider this a false breakdown of 0.7005 by 10-15 points and a quick return of quotes below 0.7000 as an opportunity for a sell order with minimal risk.

An alternative scenario takes into account the resumption of the downward movement from current highs. But I think that selling on the market is risky, since the nearest resistance level is located at a distance of 70 points.

In the case of publication of weak ISM data from the USA, the activity of AUD / USD buyers may increase, thereby contributing to the price movement to the area of ​​0.7005–0.7075.

The above review is not a direct guide to action, but carries an exclusively recommendatory nature.

Andrew Masters


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