The currency pair Australian Dollar to US Dollar (AUDUSD) continues to move within the correction and bearish channel. The moving averages indicate the presence of a short-term bearish trend. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers of the currency pair and a potential continuation of the fall in the value of the instrument from the current levels. At the time of publication of the forecast, the Australian Dollar to the US Dollar exchange rate is 0.6566. At the moment, we should expect an attempt to develop growth and a test of the resistance area near the level of 0.6495. Then, the price will bounce up and continue to grow quotes to the area above the level of 0.6755.
Australian Dollar Forecast for November 5, 2024
An additional signal in favor of the growth of 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 will be a rebound from the lower border of the bullish channel. The cancellation of the scenario with the growth of the Australian Dollar quotes on Forex will be a fall and a breakout of the level of 0.6435. This will indicate a breakout of the support area and a continuation of the decline of the AUD/USD currency pair with a potential target below the level of 0.6225. Confirmation of the pair’s growth should be expected with a breakout of the resistance area and closing of quotes above the level of 0.6645, which will indicate a breakout of the upper border of the descending correction channel.
Australian Dollar Forecast for November 5, 2024 suggests an attempt to test the support level near the area of 0.6495. Further, the continuation of the pair’s quotes growth above the level of 0.6755. An additional signal in favor of the pair’s rise will be a test of the trend line on the relative strength indicator. The cancellation of the growth option will be a fall in AUD/USD quotes and a breakout of the area of 0.6435. This will indicate a continuation of the decline in quotes with a potential target below the level of 0.6225.
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