Currency pair Australian Dollar to US Dollar AUD/USD ends the trading week near the 0.6431 area. The pair continues to move as part of the development of the correction and the formation of the “Triangle” pattern. 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 0.6475. Then, a rebound and continuation of the fall of AUD/USD with a potential target below the level of 0.5865 on the foreign exchange market.
AUD/USD Weekly Forecast September 25 — 29, 2023
An additional signal in favor of a fall in the pair on Forex will be a rebound from the upper border of the Triangle pattern. The second signal will be a rebound from the downward trend line on the relative strength index (RSI). Cancellation of the option for the AUD/USD currency pair to fall in the current trading week of September September 25 — 29, 2023 will be a strong growth and a breakdown of the level of 0.6705. This will indicate a breakdown of resistance and a continued rise in the Australian Dollar on Forex with a potential target at 0.7045. Confirmation of the development of a decline will be a breakdown of the support area and closing of prices below the level of 0.6265, which will indicate a breakdown of the lower boundary of the “Triangle” model and the beginning of the development of a pattern with targets below.
AUD/USD Weekly Forecast September 25 — 29, 2023 assumes an attempt to develop a bullish correction and test the level of 0.6475. Further, the currency pair continues to decline below the level of 0.5865. A test of the trend line on the relative strength index (RSI) will support the fall of the pair in the current trading week. Cancellation of the downward option will be a strong growth and a breakdown of the 0.6705 area. This will indicate a breakdown of the resistance area and continued growth of the pair with a target above 0.7045.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
