Currency pair Australian Dollar to US Dollar AUD/USD ends the trading week near the 0.7745 area. The pair continues to move within the correction and the ascending channel. The “Head and Shoulders” reversal pattern is also formed here. Moving averages indicate a bullish trend. Prices are testing the areas between the signal lines again, which indicates pressure from buyers of the asset and a potential continuation of the growth in the value of the currency pair. At the moment, we should expect an attempt to continue the development of a bullish correction and a test of the resistance area near the level of 0.7865. Then, the rebound and the continuation of the fall in AUD/USD with a potential target below the level of 0.6575 in the foreign exchange market.
AUD/USD Forecast and Weekly Analysis March 15 — 19, 2021
An additional signal in favor of the fall of the pair on Forex will be a rebound from the lower border of the ascending channel, which was broken upwards. 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 week March 15 — 19, 2021 will be a strong growth and a breakdown of the level of 0.8175. This will indicate a breakdown of resistance and a continuation of the rise in the Australian Dollar on Forex with a potential target at 0.8605. The confirmation of the development of the decline will be the breakdown of the support area and the closing of prices below the level of 0.7365, which will indicate the completion of the formation of the “Head and Shoulders” reversal pattern.
Among the important news from Australia that may have an impact on the Australian course, it is worth highlighting: Governor Lowe Speech, Chairman of the Reserve Bank of Australia (RBA), Australia Employment Change.
AUD/USD Forecast and Weekly Analysis March 15 — 19, 2021 suggests an attempt to develop a bullish correction and test the level of 0.7865. Further, the continuation of the decline in the currency pair below the level of 0.6575. 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 0.8175 area. This will indicate a breakdown of the resistance area and continued growth of the pair with a target above 0.8605.
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