Currency pair Australian Dollar to US Dollar AUD/USD ends the trading week near the 0.7707 area. The pair continues to move within the framework of the growth and the ascending 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 the potential continued growth of the value of the currency pair. At the moment, we should expect an attempt to continue the development of the downward price correction and test the support area near the level of 0.7205. Then, a rebound and continued growth in AUD/USD with a potential target above 0.8245 in the foreign exchange market.
AUD/USD Forecast and Weekly Analysis January 4 — 8, 2021
An additional signal in favor of raising the pair on Forex will be a rebound from the lower border of the ascending channel. The second signal will be a rebound from the support line on the relative strength index (RSI). Cancellation of the growth option for the AUD/USD currency pair in the current trading week, the week January 4 — 8, 2021 will be a fall and a breakdown of the level of 0.7105. This will indicate a breakdown of support and a continued decline in the Australian Dollar on Forex with a potential target at 0.6705. Confirmation of the development of growth will be the breakdown of the resistance area and the close above the level of 0.7795.
AUD/USD Forecast and Weekly Analysis January 4 — 8, 2021 suggests an attempt to develop a bearish correction and test the level of 0.7205. Further, the continuation of the rise of the currency pair above the level of 0.8245. A test of the trend line on the relative strength index (RSI) will be in favor of the pair’s growth in the current trading week. Cancellation of the upside option will be a fall and a breakdown of the 0.7105 area. This will indicate a breakdown of the support area and a continued decline in the pair with a target below 0.6705.
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