Forecast of the currency pair AUD / USD 07/07/20

Today we will take a look at the AUD / USD currency pair. After a false breakout of resistance at 0.6975, selling activity increased significantly which was due to the general strengthening of the USD across the entire market. I note the proximity of the technical support area of 0.6885–0.6900. A marked line passes the trend line, built at the previous lows, thereby strengthening the marked support. As a result, I do not rule out the resumption of the uptrend from the marked price range.

Trading Outlook:

The main scenario takes into account a decrease in the currency pair to the range 0.6885–0.6915 with the subsequent resumption of the uptrend.

An alternative scenario takes into account a wave of selling activity in the medium term. This scenario will be possible in case of breakthrough support at 0.6845. It takes into account the decline to 0.6800 and further to 0.6775.

I would like to point out the lack of economic news today from the United States and as a result trading activity in this currency pair may remain moderate. At the same time, I cannot completely exclude the risk of a surge in trading activity for the USD.

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