Currency pair Australian Dollar to US Dollar AUD/USD completes the trading week near the area of 0.6602. The pair continues to move as part of the development of the fall and the long-term downward channel. Moving averages indicate a bearish trend. Prices have broken through the area between the signal lines down, which indicates pressure from sellers of the asset and a potential continuation of the fall in the value of the currency pair. At the moment, we should expect an attempt to develop a bullish correction and test the resistance area near the level of 0.6685. Then, a rebound and continued fall of AUD/USD with a potential target below the level of 0.5865 in the foreign exchange market.
AUD/USD Weekly Forecast August 7 — 11, 2023
An additional signal in favor of the fall of the pair on Forex will be a rebound from the upper border of the descending channel. The second signal will be a rebound from the downtrend line on the relative strength index (RSI). Cancellation of the option of falling the AUD/USD currency pair in the current trading week August 7 — 11, 2023 will be a strong growth and a breakdown of the level of 0.7075. This will indicate a breakdown of resistance and a continuation of the rise of the Australian Dollar on Forex with a potential target at the level of 0.7485. A confirmation of the development of the decline will be a breakdown of the support area and the closing of prices below the level of 0.6405, which will indicate a breakdown of the lower border of the bullish correction channel.
AUD/USD Weekly Forecast August 7 — 11, 2023 suggests an attempt to develop a bullish correction and test the level of 0.6685. Further, the continuation of the decline of the currency pair below the level of 0.5865. In favor of the fall of the pair in the current trading week, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the reduction option will be a strong growth and a breakdown of the 0.7075 area. This will indicate a breakdown of the resistance area and continued growth of the pair with a target above 0.7485.
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