The Australian Dollar to US Dollar (AUD/USD) currency pair continues to move higher and form a bearish “Wolfe Wave” pattern. Moving averages indicate a short-term uptrend. Prices have broken above the signal lines, indicating upward pressure from buyers of the currency pair and potential continued price growth from current levels. At the time of this forecast, the Australian Dollar to US Dollar exchange rate is 0.7240. Currently, we expect an attempt to continue the rally and a test of the resistance area near 0.7275. Subsequently, a downward rebound and a continued decline below 0.7025 are expected.
Australian Dollar Forecast AUD/USD for May 8, 2026
An additional signal favoring a decline in the AUD/USD currency pair will be a rebound from the resistance line on the relative strength indicator (RSI). The second signal in favor of this scenario would be a rebound from the upper boundary of the bearish Wolfe Wave pattern. A strong price increase and a breakout of 0.7335 would cancel out the downward trend in the Australian Dollar on Forex. This would indicate a breakout of the resistance area and continued growth in the AUD/USD currency pair, with a potential target above 0.7505. Confirmation of the pair’s decline should be expected with a breakout of the support area and a close below 0.7205, which would indicate a breakout of the lower boundary of the Double Top reversal pattern and the beginning of the pattern’s realization with targets below.
Australian Dollar Forecast AUD/USD for May 8, 2026 suggests an attempt to test the resistance level near 0.7275. Subsequently, a continued decline in the pair below 0.7025. An additional signal in favor of the pair’s decline would be a rebound from the trend line on the relative strength indicator. The downside scenario would be cancelled if AUD/USD quotes rise sharply and break above 0.7335. This would indicate a continued rally with a potential target above 0.7505.
