The currency pair Australian Dollar to US Dollar AUD/USD is ending the trading week near the 0.6555 area. The pair continues to move within the framework of the decline and the formation of the “Triangle” pattern. The moving averages indicate 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 bullish correction and a test of the resistance area near the 0.6605 level. Then, a rebound and a continuation of the fall of AUD/USD with a potential target below the 0.6175 level on the foreign exchange market.
AUD/USD Forecast and Analysis July 29 — August 2, 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, which was broken downwards by sellers. The second signal will be a rebound from the resistance line on the relative strength indicator (RSI). The cancellation of the growth option for the AUD/USD currency pair in the current trading week of July 29 — August 2, 2024 will be a fall and a breakout of the 0.6775 level. This will indicate a breakout of resistance and continued growth of the Australian Dollar on Forex with a potential target at 0.6995. Confirmation of the development of the fall will be a breakout of the support area and closing of prices below the level of 0.6365, 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 July 29 — August 2, 2024 suggests an attempt to develop a bullish correction and test the 0.6605 level. Further, the continuation of the fall of the currency pair below the level of 0.6175. The test of the trend line on the relative strength indicator will be in favor of the pair’s fall this trading week. The cancellation of the decline option will be a strong growth and a breakout of the 0.6775 area. This will indicate a breakout of the resistance area and a continuation of the pair’s rise with a target above 0.6995.
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