Forex forecast AUD/USD for the week of May 10-14, 2021
The Australian Dollar/US Dollar AUD/USD forex currency pair ends the trading week near the 0.7825 area. The pair continues to move within the growth and ascending channel. Moving averages indicate a bullish trend. Prices again pushed off from the area between the signal lines, which indicates pressure from buyers of the asset and the potential continuation of the growth in the value of the currency pair. At the moment, we should expect an attempt to continue the development of a bullish correction and a test of the resistance area near the level of 0.7875. Then, a rebound and a continuation of the AUD/USD fall with a potential target below the 0.6505 level in the foreign exchange market.
Forex forecast for AUD/USD for the week of May 10-14, 2021
An additional signal in favor of the fall of the pair on Forex will be a rebound from the resistance area on the price chart. The second signal will be a rebound from the resistance line on the relative strength indicator. The cancellation of the fall of the AUD/USD forex currency pair in the current trading week of May 3-7, 2021 will be a strong growth and a breakdown of the 0.8235 level. This will indicate a breakout of resistance and a continuation of the rise of the Australian Dollar on Forex with a potential target at 0.8705. Confirmation of the development of the decline will be the breakdown of the support area and the closing of prices below the level of 0.7405.
Forex signal for AUD/USD for the week of May 10-14, 2021
Among the important news from Australia that may have an impact on the Australian exchange rate, it is worth highlighting: Retail sales in Australia m/m (Australia Retail Sales m / m).
Thus, the forex forecast of AUD/USD for the week of May 10-14, 2021 suggests an attempt to develop a bullish correction and test the level of 0.7875. Further, the continuation of the decline of the currency pair below the level of 0.6505. In favor of the fall of the pair in the current trading week, the trend line test on the relative strength indicator will act. The cancellation of the decline option will be a strong growth and a breakdown of the 0.8235 area. This will indicate a breakout of the resistance area and a continuation of the pair's growth with a target above 0.8705.