Currency pair Australian Dollar to US Dollar AUD/USD continues to move as part of the fall and the formation of the “Head and Shoulders” reversal pattern. Moving averages indicate a short-term sideways 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 0.7241. At the moment, we should expect an attempt to develop a fall and a test of the support area near the level of 0.7205. Further, the rebound and the continuation of the rise in quotations to the area above the level of 0.7415.
AUD/USD Forecast Australian Dollar October 7, 2021
An additional signal in favor of raising the AUD/USD currency pair will be a rebound from the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the Head and Shoulders reversal pattern. Cancellation of the growth option for the Australian Dollar quotes on Forex will be a fall and a breakdown of the level of 0.7145. This will indicate a breakdown of the support area and a continued fall of the AUD/USD currency pair with a potential target below the level of 0.6975. It is worth waiting for confirmation of a rise in the pair with the breakdown of the resistance area and closing of quotations above the level of 0.7340, which will indicate a breakdown of the “Head and Shoulders” reversal pattern.
AUD/USD Forecast Australian Dollar October 7, 2021 suggests an attempt to test the support level near the 0.7205 area. Further, the continuation of the rise in the pair quotes above the level of 0.7415. An additional signal in favor of the pair’s growth will be a test of the trend line on the relative strength index (RSI). Cancellation of the upside option will be a fall and a breakdown of the 0.7145 area. This will indicate a continued fall in quotations with a potential target below the level of 0.6975.
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