Currency pair Australian Dollar to US Dollar AUD/USD continues movement within the correction and forming a bearish “Wolf Wave” model. Moving averages indicate the presence of a short-term bullish trend. Prices broke through the area between signal lines downwards, which indicates pressure from sellers of the currency pair and potential continuation of the decline in instrument value already at current levels. At the time of the forecast publication, the Australian Dollar to US Dollar exchange rate is 0.6434. Currently, it would be expected a attempt for growth development and testing the resistance area near the level of 0.6510. Subsequently, price bounce down and continuation of the decline in quotations to an area below the level of 0.6355.
Australian Dollar Forecast AUDUSD for May 16, 2025
Additional indication of the depreciation of the currency pair AUD/USD will be a bounce off the resistance line on the Relative Strength Index (RSI) indicator. A second signal for this scenario is when there’s a rebound from the upper boundary of the bearish model “Wolf Wave”. The cancellation of the scenario with the depreciation of the Australian Dollar quotes on Forex would be a strong price rise and a break through the level of 0.6595. This will indicate a breakthrough of the resistance area and continued growth in the AUD/USD currency pair with a potential target above the level of 0.6845. To confirm the depreciation, wait for breaking the support zone and closing quotes below the level of 0.6415, which will indicate breaking through the lower boundary of the bull channel.
Australian Dollar Forecast AUDUSD for May 16, 2025 anticipates a test of the resistance level near the area of 0.6510. Subsequently, continuation of price pair drop below the level of 0.6355. An additional signal in favor of reducing the pair would be a test of the trend line on the relative strength indicator. Cancellation of the decline option will be a strong rise in AUD/USD quotes and penetration into the area of 0.6595. This will indicate continued price rise with a potential target above the level of 0.6845.
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