Currency pair Australian Dollar to US Dollar AUD/USD continues to move as part of the rise and the downward channel. Moving averages indicate the presence of a short-term bearish trend. Prices are again testing the area between the signal lines, which indicates pressure from sellers of the currency pair and a potential continuation of the fall in the value of the instrument already from current levels. At the time of publication of the forecast, the Australian Dollar exchange rate against the US Dollar is 0.6905. At the moment, we should expect an attempt to develop a decline in the pair and test the support area near the level of 0.6835. Further, a rebound upwards and continued growth of quotations to the area above the level of 0.7235.
AUD/USD Forecast Australian Dollar July 21, 2022
An additional signal in favor of the rise of the AUD/USD currency pair will be a rebound from the support line on the relative strength index (RSI). The second signal will be from the upper border of the descending channel. Cancellation of the growth option for the Australian Dollar quotes on Forex will be a fall in prices and a breakdown of the level of 0.6685. This will indicate a breakdown of the support area and a continuation of the fall of the AUD/USD currency pair with a potential target below the level of 0.6435. It is worth waiting for confirmation of the growth of the pair with a breakdown of the resistance area and closing of quotes above the level of 0.6945, which will indicate a breakdown of the upper border of the bearish channel.
AUD/USD Forecast Australian Dollar July 21, 2022 suggests an attempt to test the support level near the 0.6835 area. Further, the continuation of the growth of the pair’s quotes above the level of 0.7235. An additional signal in favor of the pair’s rise 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 0.6685 area. This will indicate a continued decline in quotes with a potential target below the level of 0.6435.
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