The currency pair Australian Dollar to US Dollar AUD/USD ends the trading week near the 0.6840 area. The pair continues to move within the framework of the development of the fall and the formation of the “Wedge” reversal pattern. Moving averages indicate the presence of a bullish trend. Prices broke through the area between the signal lines upwards, which indicates pressure from asset buyers and a potential continuation of the growth in the value of the currency pair. At the moment, we should expect an attempt to develop a fall and a test of the support area near the level of 0.6905. Then, a downward rebound and a continuation of the fall of AUD/USD with a potential target below the level of 0.6535 on the currency market.
AUD/USD Forecast and Analysis October 7 — 11, 2024
An additional signal in favor of the pair’s decline on Forex will be a rebound from the upper border of the “Wedge” pattern. The second signal will be a rebound from the resistance line on the relative strength indicator (RSI). The cancellation of the AUD/USD currency pair’s fall option in the current trading week of October 7 — 11, 2024 will be a strong growth and a breakout of the 0.7095 level. This will indicate a breakout of resistance and continued growth of the Australian Dollar on Forex with a potential target at 0.7345. Confirmation of the development of the fall will be a breakout of the support area and closing of prices below the 0.6665 level, which will indicate a breakout of the lower border of the “Wolf Wave” reversal pattern and the beginning of the pattern’s development with targets below.
AUD/USD Forecast and Analysis October 7 — 11, 2024 suggests an attempt to develop a bullish correction and test the level of 0.6905. Further, the currency pair will continue to fall above the level of 0.6535. The test of the trend line on the relative strength indicator will be in favor of the pair’s decline in the current trading week. The cancellation of the fall option will be a strong growth and a breakout of the 0.7095 area. This will indicate a breakout of the resistance area and continued growth of the pair with a target above 0.7345.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
