The currency pair Australian Dollar to US Dollar AUD/USD ends the trading week near the 0.6478 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 0.6575. Then, a rebound and continuation of the fall of AUD/USD with a potential target below the level of 0.6135 on the foreign exchange market.
AUD/USD Forecast May 6 — 10, 2024
An additional signal in favor of a decline in the pair on Forex will be a rebound from the upper border of the bearish channel. The second signal will be a rebound from the trend line on the relative strength index. Cancellation of the option to reduce the AUD/USD currency pair in the current trading week of May 6 — 10, 2024 will be a strong growth and a breakdown of the level of 0.6845. This will indicate a breakdown of resistance and continued growth of the Australian Dollar on Forex with a potential target at 0.7245. Confirmation of the development of the fall will be a breakdown of the support area and closing of prices below the level of 0.6265.
AUD/USD Forecast May 6 — 10, 2024 assumes an attempt to develop a bullish correction and test the level of 0.6575. Further, the currency pair continues to fall below the level of 0.6135. A test of the trend line on the relative strength index (RSI) will support a decline in the pair in the current trading week. Cancellation of the fall option will be a strong growth and a breakdown of the 0.6845 area. This will indicate a breakdown of the resistance area and continued growth of the pair with a target above 0.7245.
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