The currency pair Australian Dollar to US Dollar AUD/USD ends the trading week near the 0.6594 area. The pair continues to move as part of the development of the fall and the downward channel. Moving averages indicate a bearish trend. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers of the asset and a potential continuation of the fall in the value of the currency pair. At the moment, we should expect an attempt to develop a bullish correction and a test of the resistance area near the level of 0.6675. Then, a rebound and continuation of the fall of AUD/USD with a potential target below the level of 0.6185 on the foreign exchange market.
AUD/USD Forecast January 29 — February 2, 2024
An additional signal in favor of a fall in the pair on Forex will be a rebound from the lower border of the bullish channel. The second signal will be a rebound from the downward trend line on the relative strength index (RSI). Cancellation of the fall option for the AUD/USD currency pair in the current trading week January 29 — February 2, 2024 will be a strong growth and a breakdown of the level of 0.6955. This will indicate a breakdown of resistance and a continued rise in the Australian Dollar on Forex with a potential target at 0.7275. Confirmation of the development of a decline will be a breakdown of the support area and closing of prices below the level of 0.6405.
AUD/USD Forecast January 29 — February 2, 2024 assumes an attempt to develop a bullish correction and test the level of 0.6675. Further, the currency pair continues to decline below the level of 0.6185. A test of the trend line on the relative strength index (RSI) will support the fall of the pair in the current trading week. Cancellation of the downside option will be a strong growth and a breakdown of the 0.6955 area. This will indicate a breakdown of the resistance area and continued growth of the pair with a target above 0.7275.
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