Currency pair Australian Dollar US Dollar AUD/USD is trading at 0.7096 and continues to move within the correction. 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 31, 2018, a test of the upper limit of the Ichimoku Kinko Hyo Cloud is expected near the level of 0.7110, from where it is necessary to expect an attempt to rebound and the pair to continue falling with a target near the level of 0.6970.
AUD/USD forecast Australian Dollar October 31, 2018
An additional signal in favor of reducing the currency pair AUD/USD at Forex will be a test of the resistance area. Earlier, a weak signal was received for BUY the AUD/USD, due to the crossing of signal lines at the level of 0.7050.
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 AUD/USD is expected to accelerate the fall in quotes with the breakdown of the support area and closing below 0.7035.
AUD/USD forecast Australian Dollar October 31, 2018 implies an attempt to test the resistance level near the 0.7110 area, from where we can expect the currency pair to fall further with a potential target near the 0.6970 level.