The currency pair Australian Dollar to US Dollar AUD/USD is ending the trading week near the 0.6565 area. The pair continues to move within the development of the decline and the bullish channel. The moving averages indicate an upward trend. Prices have broken through the area between the signal lines downwards, which indicates pressure from asset sellers and a potential continuation of the decline in the value of the currency pair. At the moment, we should expect an attempt to develop the decline and test the support area near the 0.6475 level. Then, an upward rebound and continued growth of AUD/USD with a potential target above the 0.6775 level on the foreign exchange market.
AUD/USD Forecast and Analysis November 4 — 8, 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 November 4 — 8, 2024 will be a fall and a breakout of the 0.6355 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 the level of 0.6175. The development of growth will be confirmed by a breakout of the resistance area and closing of prices above the level of 0.6605, which will indicate a breakout of the upper border of the descending correction channel.
AUD/USD Forecast and Analysis November 4 — 8, 2024 suggests an attempt to develop a bearish correction and test the level of 0.6475. Further, the continuation of the growth of the currency pair above the level of 0.6775. The test of the trend line on the relative strength indicator will be in favor of the pair’s rise this trading week. The cancellation of the growth option will be a fall and a breakout of the 0.6355 area. This will indicate a breakout of the support area and a continuation of the pair’s decline with a target below 0.6175.
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