The currency pair Australian Dollar to US Dollar AUD/USD ends the trading week near the 0.6711 area. The pair continues to move within the framework of the decline development and the formation of the Head and Shoulders reversal pattern. The moving averages indicate the presence of an upward trend. Prices are again testing the area between the signal lines, which indicates pressure from asset buyers and potential continuation of the growth in the value of the currency pair. At the moment, we should expect an attempt to develop growth and test the resistance area near the 0.6805 level. Then, a downward rebound and continuation of the fall of AUD/USD with a potential target below the 0.6405 level on the foreign exchange market.
AUD/USD Forecast and Analysis October 21 — 25, 2024
An additional signal in favor of the pair’s decline on Forex will be a rebound from the upper border of the Head and Shoulders reversal pattern. The second signal will be a rebound from the resistance line on the relative strength indicator (RSI). The cancellation of the fall option for the AUD/USD currency pair in the current trading week of October 21 — 25, 2024 will be a strong growth and a breakout of the 0.6975 level. This will indicate a breakout of the resistance level and continued growth of the Australian Dollar on Forex with a potential target at 0.7295. Confirmation of the development of the fall will be a breakout of the support area and closing of prices below the level of 0.6545, which will indicate a breakout of the lower border of the reversal pattern “Head and Shoulders” and the beginning of the pattern with targets below.
AUD/USD Forecast and Analysis October 21 — 25, 2024 suggests an attempt to develop a bullish correction and test the 0.6805 level. Further, the continuation of the fall of the currency pair below the level of 0.6405. The test of the trend line on the relative strength indicator will be in favor of the pair’s decline during the current trading week. The cancellation of the fall option will be a strong growth and a breakout of the 0.6975 area. This will indicate a breakout of the resistance area and continued growth of the pair with a target above 0.7295.
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