The currency pair Australian Dollar to US Dollar AUD/USD ends the trading week near the 0.6636 area. The pair continues to move within the development of growth and a downward channel. Moving averages indicate a bearish trend. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers of the asset and a potential continued growth in the value of the currency pair. At the moment, we should expect an attempt to develop a bearish correction and a test of the support area near the level of 0.6545. Then, AUD/USD will rebound and continue to grow with a potential target above the level of 0.7085 on the foreign exchange market.
AUD/USD Forecast March 11 — 15, 2024
An additional signal in favor of the pair’s growth on Forex will be a rebound from the lower boundary of the “Head and Shoulders” reversal pattern. The second signal will be a rebound from the trend line on the relative strength index. Cancellation of the growth option for the AUD/USD currency pair in the current trading week of March 11 — 15, 2024 will be a fall and a breakdown of the level of 0.6245. This will indicate a breakdown of support and a continuation of the fall of the Australian Dollar on Forex with a potential target at 0.5805. Confirmation of the development of growth will be a breakdown of the resistance area and closing of prices above the level of 0.6955, which will indicate a breakdown of the upper boundary of the “Head and Shoulders” reversal pattern and the beginning of the development of a pattern with targets above.
AUD/USD Forecast March 11 — 15, 2024 assumes an attempt to develop a bearish correction and test the level of 0.6545. Further, the currency pair continues to grow above the level of 0.7085. A test of the trend line on the relative strength index (RSI) will support the growth of the pair in the current trading week. Cancellation of the rise option will be a fall and a breakdown of the 0.6245 area. This will indicate a breakdown of the support area and a continued decline in the pair with a target below 0.5805.
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