The currency pair Australian Dollar to US Dollar AUD/USD ends the trading week near the 0.6509 area. The pair continues to move within the development of the correction and the bullish channel. The moving averages indicate the presence of 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 test the support area near the level of 0.6445. Then, an upward rebound and continued growth of AUD/USD with a potential target above the level of 0.6785 on the foreign exchange market.
AUD/USD Forecast and Analysis December 2 — 6, 2024
An additional signal in favor of the pair’s growth on Forex will be a rebound from the lower border of the bullish channel. The second signal will be a rebound from the support 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 2 — 6, 2024 will be a fall and a breakout of the 0.6345 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 0.6055. Confirmation of the development of growth will be a breakout of the resistance area and closing prices above 0.6565, which will indicate a breakout of the upper border of the downward correction channel.
AUD/USD Forecast and Analysis December 2 — 6, 2024 suggests an attempt to develop a bearish correction and test the level of 0.6445. Further, the continuation of the growth of the currency pair above the level of 0.6785. The 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 0.6345 area. This will indicate a breakthrough of the support area and a continuation of the pair’s decline with a target below 0.6055.
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