Currency pair Australian Dollar to US Dollar AUD/USD completes the trading week near the area of 0.6593. The pair continues to move as part of the development of the fall and the long-term downward channel. Moving averages indicate a bearish trend. Prices have gone down from the area between the signal lines, 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 test the resistance area near the level of 0.6835. Then, a rebound and continued fall of AUD/USD with a potential target below the level of 0.5905 in the foreign exchange market.
AUD/USD Forecast Weekly Forecast May 1 — 5, 2023
An additional signal in favor of the fall of the pair on Forex will be a rebound from the upper border of the descending channel. The second signal will be a rebound from the downtrend line on the relative strength index (RSI). Cancellation of the option of falling the AUD/USD currency pair in the current trading week May 1 — 5, 2023 will be a strong growth and a breakdown of the level of 0.7075. This will indicate a breakdown of resistance and a continuation of the rise of the Australian Dollar on Forex with a potential target at the level of 0.7295. The breakdown of the support area and the closing of prices below the level of 0.6565 will confirm the development of the decline.
Among the important news from Australia that may have an impact on the Australian exchange rate, it is worth highlighting: Reserve Bank of Australia (RBA) Interest Rate Decision, Australia Retail Sales m/m.
AUD/USD Forecast Weekly Forecast May 1 — 5, 2023 suggests an attempt to develop a bullish correction and test the level of 0.6835. Further, the continuation of the decline of the currency pair below the level of 0.5905. In favor of the fall of the pair in the current trading week, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the reduction option will be a strong growth and a breakdown of the 0.7075 area. This will indicate a breakdown of the resistance area and continued growth of the pair with a target above 0.7295.
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