Currency pair Australian Dollar to US Dollar AUD/USD continues to move as part of the correction and the formation of the “Head and Shoulders” reversal pattern on the daily chart of the pair. Moving averages indicate a short-term bullish trend. Prices broke through the area between the signal lines downward, which indicates pressure from the sellers of the currency pair and a potential continuation of the fall 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 0.7738. At the moment, we should expect an attempt to develop a rise and test the resistance area near the level of 0.7815. Further, the rebound and the continuation of the fall in quotations to the area below the level of 0.7535.
AUD/USD Forecast Australian Dollar May 7, 2021
An additional signal in favor of the fall 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 a rebound from the upper border of the Head and Shoulders reversal pattern. Cancellation of the option to drop the Australian Dollar quotes on Forex will be a strong growth and a breakdown of the level of 0.7935. This will indicate a breakdown of the resistance area and a continued rise in the AUD/USD currency pair with a potential target above the level of 0.8295. 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 0.7595, which will indicate a breakdown of the lower border of the “Head and Shoulders” pattern.
AUD/USD Forecast Australian Dollar May 7, 2021 imply an attempt to test the resistance level near the 0.7815 area. Further, the continuation of the fall in quotations of the pair below the level of 0.7535. An additional signal in favor of the fall of the pair will be a test of the trend line on the relative strength index (RSI). Cancellation of the reduction option will be a strong growth and a breakdown of the 0.7935 area. This will indicate a continued rise in quotations with a potential target above the level of 0.8295.
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