Currency pair Australian Dollar to US Dollar AUD/USD ends the trading week near the 0.7371 area. The pair continues to move within the correction and the bullish channel. Moving averages indicate a bullish trend. Prices broke through the area between the signal lines downward, which indicates pressure from the sellers of the asset and a potential continuation of the fall in the value of the currency pair. At the moment, we should expect an attempt to continue the development of a bullish correction and test the resistance area near the level of 0.7545. Then, the rebound and the continuation of the fall of AUD/USD with a potential target below the level of 0.6095 in the foreign exchange market.
AUD/USD Forecast and Weekly Analysis August 2 — 6, 2021
An additional signal in favor of the fall of the pair on Forex will be a rebound from the resistance area. The second signal will be a rebound from the downtrend line on the relative strength index (RSI). Cancellation of the fall option for the AUD/USD currency pair in the current trading week on August 2 — 6, 2021 will be a strong growth and a breakdown of the level of 0.8025. This will indicate a breakdown of resistance and a continued rise in the Australian Dollar on Forex with a potential target at 0.8475. Confirmation of the development of the decline will be the breakdown of the support area and the closing of prices below the level of 0.7205.
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, Australia Retail Sales m/m, Reserve Bank of Australia (RBA) Governor Lowe Speech.
AUD/USD Forecast and Weekly Analysis August 2 — 6, 2021 suggests an attempt to develop a bullish correction and test the level of 0.7545. Further, the continuation of the decline in the currency pair below the level of 0.6095. 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 area of 0.8025. This will indicate a breakdown of the resistance area and continued growth of the pair with a target above 0.8475.
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