The currency pair Australian Dollar to US Dollar AUD/USD ends the trading week near the 0.6365 area. The pair continues to move within the development of a fall and a descending channel. The moving averages indicate a bearish trend. Prices have broken through the area between the signal lines downwards, which indicates pressure from asset sellers and a potential continuation of the fall in the value of the currency pair. At the moment, we should expect an attempt to develop a decline and a test of the support area near the 0.6285 level. Then, an upward rebound and continued growth of AUD/USD with a potential target above the 0.6585 level on the foreign exchange market.
AUD/USD Forecast and Analysis December 16 — 20, 2024
An additional signal in favor of the pair’s growth on Forex will be a rebound from the support area on the price chart. The second signal will be a rebound from the trend line on the relative strength indicator (RSI). The cancellation of the growth option for the AUD/USD currency pair in the current trading week of December 16 — 20, 2024 will be a fall and a breakout of the 0.6175 level. This will indicate a breakout of the support level and a continuation of the fall of the Australian Dollar on Forex with a potential target at 0.5835. The development of growth will be confirmed by a breakout of the resistance area and closing prices above the 0.6425 level, which will indicate a breakout of the upper border of the descending channel.
AUD/USD Forecast and Analysis December 16 — 20, 2024 suggests an attempt to develop a bearish correction and test the 0.6285 level. Further, the continuation of the growth of the currency pair above the 0.6585 level. A test of the trend line on the relative strength indicator will be in favor of the rise of the pair in the current trading week. The growth scenario will be cancelled if the price falls and breaks through the 0.6175 area. This will indicate a breakthrough of the support area and a continuation of the pair’s decline with a target below 0.5835.
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