The currency pair Australian Dollar to US Dollar (AUDUSD) continues to move within the correction and bullish channel. The moving averages indicate the presence of a short-term bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from buyers of the currency pair and a potential continuation of the growth 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 0.6841. At the moment, we should expect an attempt to develop growth and a test of the resistance area near the level of 0.6905. Then, a downward price rebound and a continuation of the fall in quotes to the area below the level of 0.6565.
Australian Dollar Forecast for October 4, 2024
An additional signal in favor of 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 will be a rebound from the upper border of the “Head and Shoulders” reversal pattern. The cancellation of the option with a fall in the Australian Dollar quotes on Forex will be a strong growth and a breakout of the 0.7035 level. This will indicate a breakout of the resistance area and continued growth of the AUD/USD currency pair with a potential target above the 0.7315 level. Confirmation of the pair’s fall should be expected with a breakout of the support area and closing of quotes below the 0.6785 level, which will indicate a breakout of the lower border of the Head and Shoulders reversal pattern and the beginning of the pattern with targets below.
Australian Dollar Forecast for October 4, 2024 suggests an attempt to test the resistance level near the 0.6905 area. Further, the continuation of the fall in the pair’s quotes below the 0.6565 level. An additional signal in favor of the pair’s decline will be a test of the trend line on the relative strength indicator. The cancellation of the fall option will be a strong growth of AUD/USD quotes and a breakout of the 0.7035 area. This will indicate a continuation of the growth of quotes with a potential target above the level of 0.7315.
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