Forecast of the the currency pair AUD / USD
Published on 19.05.2020 15:25

Today we will take a look at the AUD / USD currency pair. For the third time, the AUD / USD pair is testing the resistance level at 0.6560, thereby increasing the risk of a breakout above this level. A final break can cause further growth and the development of a narrow resistance zone of 0.6645–0.6660. The development of this scenario requires a strong bullish fundamental factor for AUD and / or bearish for USD.


Trading outlook:
The main scenario.
A push higher above the resistance of 0.6560 may see further growth to 0.6645-0.6660.
Alternative scenario.
A lack of buyers may see the currency pair return to the level of 0.6530, and a further decline to the psychological level of 0.6500 will see a risk of the pair returning to 0.6390, and further down to 0.6275.
Current support for this currency pair is attributed to USD weakness. I expect a surge in trading activity during a speech by the head of the Fed at (17:00 Moscow time) by way of a webinar

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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