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 bearish trend. Prices went down from the area between the signal lines, 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 0.7354. At the moment, we should expect an attempt to develop a rise and test the resistance area near the level of 0.7370. Further, a rebound down and the continuation of the fall in quotations to the area below the level of 0.7125.
AUD/USD Forecast Australian Dollar November 16, 2021
An additional signal in favor of reducing 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 bullish channel. Cancellation of the option of falling Australian Dollar quotes on Forex will be a rise in prices and a breakdown of the level of 0.7505. 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 0.7645. 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 0.7295.
Among the important news from Australia that may have an impact on the rate of the pair, it is worth highlighting: Speech by the Governor Lowe Speech of the Governor Lowe of the Reserve Bank of Australia (RBA).
AUD/USD Forecast Australian Dollar November 16, 2021 imply an attempt to test the resistance level near the 0.7370 area. Further, the continuation of the fall in quotations of the pair below the level of 0.7125. 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 0.7505 area. This will indicate a continued rise in quotations with a potential target above the level of 0.7645.
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