Currency pair Australian Dollar to US Dollar AUD/USD continues to move as part of the rise and ascending 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 from the current levels. At the time of the publication of the forecast, the rate of the Australian Dollar to the US Dollar is 0.7790. At the moment, we should expect an attempt to develop a downward correction and a test of the support area near the level of 0.7735. Further, a rebound and continued growth of quotations to the area above the level of 0.7865.
AUD/USD Forecast Australian Dollar January 7, 2021
An additional signal in favor of the growth of the AUD/USD currency pair will be a rebound from the uptrend line on the relative strength index (RSI). The second signal will be a test of the lower border of the upward channel. Cancellation of the option to raise the Australian Dollar quotes on Forex will be a fall and a breakdown of the level of 0.7705. This will indicate a breakdown of the support area and a continued decline in the AUD/USD currency pair with a potential target below 0.7585. It is worth waiting for confirmation of the rise in the pair with the breakdown of the resistance area and closing of quotations above the level of 0.7845.
AUD/USD Forecast Australian Dollar January 7, 2021 suggests an attempt to test the support level near the 0.7735 area. Further, the continued growth of the pair quotes above the level of 0.7865. An additional signal in favor of raising the pair will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 0.7705 area. This will indicate a continued decline in quotations with a potential target below 0.7585.
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