The currency pair Australian Dollar to US Dollar AUD/USD ends the trading week near the 0.6582 area. The pair continues to move within the development of the fall and the formation of the “Triangle” pattern. The moving averages indicate the presence of a bullish trend. Prices have broken through the area between the signal lines downwards, which indicates pressure from asset buyers and a potential continuation of the growth in the value of the currency pair. At the moment, we should expect an attempt to develop a bullish correction and a test of the resistance area near the 0.6735 level. Then, a rebound and continuation of the fall of AUD/USD with a potential target below the 0.6105 level on the foreign exchange market.
AUD/USD Forecast and Analysis August 12 — 16, 2024
An additional signal in favor of a decline in the pair on Forex will be a rebound from the upper border of the “Triangle” pattern. The second signal will be a rebound from the resistance line on the relative strength indicator (RSI). The cancellation of the fall option for the AUD/USD currency pair in the current trading week of August 12 — 16, 2024 will be strong growth and a breakout of the 0.6875 level. This will indicate a breakout of resistance and continued growth of the Australian Dollar on Forex with a potential target at 0.7245. Confirmation of the development of the fall will be a breakout of the support area and closing of prices below 0.6255, which will indicate a breakout of the lower border of the Triangle pattern and the beginning of the pattern with targets below.
AUD/USD Forecast and Analysis August 12 — 16, 2024 suggests an attempt to develop a bullish correction and test the level of 0.6735. Further, the continuation of the fall of the currency pair below the level of 0.6105. A test of the trend line on the relative strength indicator will be in favor of the decline of the pair in the current trading week. Cancellation of the fall option will be strong growth and a breakout of the 0.6875 area. This will indicate a breakout of the resistance area and continued growth of the pair with a target above 0.7245.
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