Currency pair Australian Dollar to US Dollar AUD/USD ends the trading week near the 0.7541 area. The pair continues to move within the correction and the downward channel. Moving averages indicate a bearish trend. Prices broke through the area between the signal lines upward, which indicates pressure from buyers of the asset and a potential continuation of the growth in the value of the currency pair. At the moment, we should expect an attempt to continue the development of a bullish correction and a test of the resistance area near the level of 0.7595. Then, the rebound and the continuation of the fall of AUD/USD with a potential target below the level of 0.6535 in the foreign exchange market.
AUD/USD Forecast and Analysis November 1 — 5, 2021
An additional signal in favor of the fall 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 bearish trend line on the relative strength index (RSI). Cancellation of the option to drop the AUD/USD currency pair in the current trading week November 1 — 5, 2021 will be a strong growth and a breakdown of the level of 0.7845. This will indicate a breakdown of resistance and a continuation of the rise in the Australian Dollar in Forex with a potential target at 0.8375. Confirmation of the development of the decline will be the breakdown of the support area and the closing of prices below the level of 0.7065.
Among the important news from Australia that may have an impact on the Australian rate, it is worth highlighting: Reserve Bank of Australia (RBA) Interest Rate Decision.
AUD/USD Forecast and Analysis November 1 — 5, 2021 suggests an attempt to develop a bullish correction and test the level of 0.7595. Further, the continuation of the decline in the currency pair below the level of 0.6535. A test of the trend line on the relative strength index (RSI) will be in favor of the fall of the pair in the current trading week. Cancellation of the reduction option will be a strong growth and a breakdown of the 0.7845 area. This will indicate a breakdown of the resistance area and continued growth of the pair with a target above 0.8375.
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