Currency pair Australian Dollar to US Dollar AUD/USD ends the trading week near the 0.7232 area. The pair continues to move within the bullish correction and the downtrend channel. Moving averages indicate a bearish trend. Prices are still below the area between the signal lines, which indicates pressure from the 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 small bullish correction and a test of the resistance area near the level of 0.7305. Then, the rebound and the continuation of the fall in AUD/USD with a potential target below the level of 0.6485 in the foreign exchange market.
AUD/USD Weekly Forecast December 27 — 31, 2021
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 broken trend line on the relative strength index (RSI). Cancellation of the fall option for the AUD/USD currency pair in the current trading week December 27 — 31, 2021 will be a strong growth and a breakdown of the level of 0.7645. This will indicate a breakdown of resistance and a continuation of the rise in the Australian Dollar on Forex with a potential target at 0.8325. Confirmation of the development of the decline will be the breakdown of the support area and the closing of prices below the level of 0.6905, which will indicate a breakdown of the lower border of the descending channel.
AUD/USD Weekly Forecast December 27 — 31, 2021 suggests an attempt to develop a bullish correction and test the level of 0.7305. Further, the continuation of the decline in the currency pair below the level of 0.6485. A test of the trend line on the relative strength index (RSI) will be in favor of the pair falling in the current trading week. Cancellation of the reduction option will be a strong growth and a breakdown of the 0.7645 area. This will indicate a breakdown of the resistance area and continued growth of the pair with a target above 0.8325.
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