The currency pair Australian Dollar to US Dollar AUD/USD ends the trading week near the 0.6728 area. The pair continues to move within the framework of the rise and the formation of the “Triangle” pattern. The moving averages indicate a bullish trend. Prices have broken through the area between the signal lines upwards, which indicates pressure from asset buyers and a potential continuation of the growth of the currency pair. At the moment, we should expect an attempt to develop a bearish correction and a test of the support area near the 0.6575 level. Then, an upward rebound and continued growth of AUD/USD with a potential target above the 0.7195 level on the foreign exchange market.
AUD/USD Forecast and Analysis August 26 — 30, 2024
An additional signal in favor of the rise 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 support resistance on the relative strength indicator (RSI). The cancellation of the AUD/USD currency pair growth option in the current trading week of August 26 — 30, 2024 will be a fall and a breakout of the 0.6395 level. This will indicate a breakout of support and a continuation of the fall of the Australian Dollar on Forex with a potential target at the level of 0.6025. The development of growth will be confirmed by a breakout of the resistance area and closing of prices above the level of 0.6905, which will indicate a breakout of the upper border of the “Triangle” pattern and the beginning of the pattern with targets at the top.
AUD/USD Forecast and Analysis August 26 — 30, 2024 suggests an attempt to develop a bearish correction and test the level of 0.6575. Further, the continuation of the growth of the currency pair below the level of 0.7195. The test of the trend line on the relative strength indicator will be in favor of the pair’s rise this trading week. The cancellation of the growth option will be a fall and a breakout of the 0.6395 area. This will indicate a breakout of the support area and a continuation of the pair’s fall with a target below 0.6025.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
