The currency pair Australian Dollar to US Dollar AUD/USD ends the trading week near the 0.6701 area. The pair continues to move as part of the development of growth and the completion of the formation of the “Triangle” pattern. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers of the asset and a potential continued growth in the value 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 0.6635. Then, AUD/USD will rebound and continue to grow with a potential target above the level of 0.7205 on the foreign exchange market.
AUD/USD Forecast and Analysis July 22 — 26, 2024
An additional signal in favor of the pair’s growth on Forex will be a rebound from the lower border of the bullish channel. The second signal will be a rebound from the support line on the relative strength indicator (RSI). Cancellation of the growth option for the AUD/USD currency pair in the current trading week of July 22 — 26, 2024 will be a fall and a breakdown of the level of 0.6505. This will indicate a breakdown of support and a continuation of the fall of the Australian Dollar on Forex with a potential target at 0.6235. Confirmation of the development of growth will be a breakdown of the resistance area and closing of prices above the level of 0.6905, which will indicate a breakdown of the upper boundary of the “Triangle” model and the beginning of the development of a pattern with targets above.
AUD/USD Forecast and Analysis July 22 — 26, 2024 suggests an attempt to develop a bearish correction and test the level of 0.6635. Further, the currency pair continues to grow above the level of 0.7205. A test of the trend line on the relative strength index (RSI) will support the rise of the pair in the current trading week. Cancellation of the growth option will be a fall and a breakdown of the 0.6505 area. This will indicate a breakdown of the support area and a continued fall of the pair with a target below 0.6235.
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