Currency pair Australian Dollar to US Dollar AUD/USD continues to move as part of growth and a bullish channel. Moving averages indicate the presence of a short-term bullish trend. Prices have broken through the area between the signal lines upwards, 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 0.7390. At the moment, we should expect an attempt to develop a rise in the pair and a test of the support area near the level of 0.7305. Further, a rebound down and the continuation of the fall of quotations to the area above the level of 0.7575.
AUD/USD Forecast Australian Dollar March 8, 2022
An additional signal in favor of the growth of the AUD/USD currency pair will be a rebound from the resistance line on the relative strength index (RSI). The second signal will be from the upper border of the broken down channel. Cancellation of the option to raise the quotes of the Australian Dollar on Forex will be a fall in prices and a breakdown of the level of 0.7145. 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 0.6965. It is worth waiting for confirmation of the rise of the pair with the breakdown of the resistance area and the closing of quotes above the level of 0.7495.
AUD/USD Forecast Australian Dollar March 8, 2022 suggests an attempt to test the support level near the 0.7305 area. Further, the continuation of the growth of the pair’s quotes above the level of 0.7575. 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 0.7145 area. This will indicate a continued fall in quotes with a potential target below the level of 0.6965.
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