Currency pair Australian Dollar to US Dollar AUD/USD continues to move as part of the correction and the downward channel. Moving averages indicate a short-term bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from buyers of the currency pair and a potential continuation of the growth in the value of the instrument already from the current levels. At the time of the publication of the forecast, the rate of the Australian Dollar to the US Dollar is 0.7613. At the moment, we should expect an attempt to develop growth and test the resistance area near the level of 0.7645. Further, the rebound and the continuation of the fall in quotations to the area below the level of 0.7455.
AUD/USD Forecast Australian Dollar February 5, 2021
An additional signal in favor of reducing the AUD/USD currency pair will be a rebound from the downward trend line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the option to drop the Australian Dollar quotes on Forex will be a strong growth and a breakdown of the level of 0.7735. This will indicate a breakdown of the resistance area and continued growth of the AUD/USD currency pair with a potential target above the level of 0.7975. It is worth waiting for confirmation of the pair’s fall with the breakdown of the support area and closing of quotations below the level of 0.7495, which will indicate a breakdown of the lower border of the descending channel and the acceleration of the bearish movement.
Among the important news from Australia that may have an impact on the AUD/USD pair, it is worth highlighting: Speech by the Chairman of the Reserve Bank of Australia (RBA) Governor Lowe Speech, Australia Retail Sales m/m.
AUD/USD Forecast Australian Dollar February 5, 2021 suggests an attempt to test the resistance level near the 0.7645 area. Further, the continuation of the fall in quotations of the pair below the level of 0.7455. An additional signal in favor of reducing the pair will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the 0.7735 area. This will indicate continued growth in quotations with a potential target above the level of 0.7975.
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