Currency pair Australian Dollar to US Dollar AUD/USD ends the trading week near the 0.7761 area. The pair continues to move within the correction and the upward channel. Moving averages indicate a bullish trend. Prices went up 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 correction and test the support area near the level of 0.7385. Then, a rebound and continued growth in AUD/USD with a potential target above 0.8485 in the foreign exchange market.
AUD/USD Forecast and Weekly Analysis March 1 — 5, 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 of the AUD/USD currency pair in the current trading week March 1 — 5, 2021 will be a fall and a breakdown of the level of 0.7235. This will indicate a breakdown of support and a continuation of the fall of the Australian Dollar on Forex with a potential target at 0.6765. Confirmation of the development of growth will be a breakdown of the resistance area and closing prices above the level of 0.8145.
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 Gross Domestic Product (GDP) q/q, Australia Retail Sales m/m.
AUD/USD Forecast and Weekly Analysis March 1 — 5, 2021 suggests an attempt to develop a bullish correction and test the level of 0.7385. Further, the continued growth of the currency pair above the level of 0.8485. A test of the trend line on the relative strength index (RSI) will be in favor of raising the pair in the current trading week. Cancellation of the growth option will be a fall and a breakdown of the 0.7235 area. This will indicate a breakdown of the support area and the continued fall of the pair with a target below 0.6765.
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