Currency pair Australian Dollar to US Dollar AUD/USD ends the trading week near the 0.7645 area. The pair continues to move within the correction and the upward channel. Moving averages indicate a bullish trend. Prices have moved up far from the area between the signal lines, 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 continue the development of the rise and test the resistance area near the level of 0.7745. Then, the rebound and the continuation of the fall in AUD/USD with a potential target below the level of 0.6905 in the foreign exchange market.
AUD/USD Forecast and Weekly Analysis February 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 ascending channel. The second signal will be a rebound from the resistance line on the relative strength index (RSI). Cancellation of the fall option for the AUD/USD currency pair in the current trading February 1 — 5, 2021 will be a strong growth and a breakdown of the level of 0.8035. This will indicate a breakdown of resistance and a continued rise in the Australian Dollar on Forex with a potential target at 0.8375. Confirmation of the development of the decline will be a breakdown of the support area and closing prices below the level of 0.7285.
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, Reserve Bank of Australia (RBA) Governor Lowe Speech, Australia Retail Sales m/m.
AUD/USD Forecast and Weekly Analysis February 1 — 5, 2021 suggests an attempt to develop a bullish correction and test the level of 0.7745. Further, the continuation of the fall of the currency pair below the level of 0.6905. A test of the trend line on the relative strength index (RSI) will be in favor of reducing the pair in the current trading week. Cancellation of the fall option will be a strong growth and a breakdown of the area of 0.8035. 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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