Currency pair Australian Dollar to US Dollar AUD/USD completes the trading week near the area of 0.6677. The pair continues to move within the correction and the downward channel. Moving averages indicate a bearish trend. Prices are again testing 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 bullish correction and test the resistance area near the level of 0.6825. Then, a rebound and continued fall of AUD/USD with a potential target below 0.5695 in the currency market.
AUD/USD Weekly Forecast November 21 — 25, 2022
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 descending trend line on the relative strength index, as we can see, there have already been several rebounds from this line, most likely the current test will not be an exception and we will see a strong drop in the pair already in the current trading week. Cancellation of the option of falling the AUD/USD currency pair in the current trading week November 21 — 25, 2022 will be a strong growth and a breakdown of the level of 0.7165. This will indicate a breakdown of resistance and a continuation of the rise of the Australian Dollar on Forex with a potential target at 0.7495. A confirmation of the development of the decline will be a breakdown of the support area and the closing of prices below the level of 0.6495, which will indicate a breakdown of the lower border of the bullish correction channel.
AUD/USD Weekly Forecast November 21 — 25, 2022 suggests an attempt to develop a bullish correction and test the level of 0.6825. Further, the continuation of the decline of the currency pair below the level of 0.5695. 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 0.7165 area. This will indicate a breakdown of the resistance area and continued growth of the pair with a target above 0.7495.
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