The currency pair Australian Dollar to US Dollar AUD/USD ends the trading week near the 0.6531 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 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 level of 0.6435. Then, a rebound and continuation of the growth of AUD/USD with a potential target above the level of 0.6965 on the foreign exchange market.
AUD/USD Forecast and Analysis August 5 — 9, 2024
An additional signal in favor of the growth of the pair on Forex will be a rebound from the lower border of the “Triangle” pattern. The second signal will be a rebound from the support line on the relative strength indicator (RSI). The cancellation of the growth option of the AUD/USD currency pair in the current trading week of August 5 — 9, 2024 will be a fall and a breakout of the level of 0.6275. This will indicate a breakout of resistance and continued growth of the Australian Dollar on Forex with a potential target at 0.6015. Confirmation of the growth development will be a breakout of the resistance area and closing prices above 0.6845, 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 5 — 9, 2024 suggests an attempt to develop a bearish correction and test the level of 0.6435. Further, the continuation of the growth of the currency pair above the level of 0.6965. A test of the trend line on the relative strength indicator will be in favor of the rise of the pair in the current trading week. The cancellation of the growth option will be a fall and a breakout of the 0.6275 area. This will indicate a breakout of the support area and a continuation of the pair’s decline with a target below 0.6015.
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