Currency pair Australian Dollar US Dollar AUD/USD is trading at 0.7083 and continues to move in decline. The pair is trading below the lower limit of the Ichimoku Kinko Hyo Cloud, indicating a downward trend in the Australian Dollar US Dollar. As part of the AUD/USD forecast Australian Dollar October 24, 2018, the test of the lower boundary of the Ichimoku Kinko Hyo Cloud is expected near the level of 0.7105, from where it is necessary to expect an attempt to rebound and the pair to continue falling with a target near the level of 0.7010.
AUD/USD forecast Australian Dollar October 24, 2018
An additional signal in favor of reducing the AUD/USD currency pair at Forex will be a test of the resistance area, as well as a rebound from the upper limit of the downward channel. Earlier, a medium strength signal was received for the SELL of the Australian Dollar USD, due to the intersection of signal lines at 0.7135.
Canceling the option of falling quotations of the AUD/USD pair will be a breakdown of the upper limit of the Ichimoku Kinko Hyo Cloud with the close of quotes above the 0.7145 area, which 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 of AUD/USD quotes with the breakdown of the support area and closing below 0.7065.
AUD/USD forecast Australian Dollar October 24, 2018 suggests an attempt to test the resistance level near the 0.7105 area, from where we can expect the currency pair to fall further with a potential target near the 0.7010 level, the cancellation of the decline option will be a breakdown of the 0.7145 area, which will indicate a continuation growth.