The currency pair Australian Dollar to US Dollar AUD/USD ends the trading week near the 0.6728 area. The pair continues to move as part of the development of growth and 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 bullish correction and a test of the resistance area near the level of 0.6775. Then, a rebound and continuation of the fall of AUD/USD with a potential target below the level of 0.6275 on the foreign exchange market.
AUD/USD Forecast and Analysis July 8 — 12, 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). Cancellation of the option to reduce the AUD/USD currency pair in the current trading week July 8 — 12, 2024 will be a strong growth and a breakdown of the level of 0.6995. This will indicate a breakdown of resistance and continued growth of the Australian Dollar on Forex with a potential target at 0.7275. Confirmation of the development of the fall will be a breakdown of the support area and closing of prices below the level of 0.5975, which will indicate a breakdown of the lower bullish correction channel.
AUD/USD Forecast and Analysis July 8 — 12, 2024 suggests an attempt to develop a bullish correction and test the level of 0.6775. Further, the currency pair continues to fall below the level of 0.6275. A test of the trend line on the relative strength index (RSI) will support a decline in the pair in the current trading week. Cancellation of the fall option will be a strong growth and a breakdown of the 0.6995 area. This will indicate a breakdown of the resistance area and continued growth of the pair with a target above 0.7275.
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