Currency pair Australian Dollar to US Dollar AUD/USD continues to move in growth and the formation of the reversal pattern “Wedge”. Moving averages indicate a short-term uptrend. Prices have gone up from the area between the signal lines, which indicates pressure from buyers of the currency pair and a potential continued growth in the value of the instrument already from current levels. At the time of the publication of the forecast, the Australian Dollar exchange rate against the US Dollar is 0.6869. At the moment, we should expect an attempt to develop a correction in the pair and a test of the support area near the level of 0.6925. Further, a rebound down and the continuation of the fall of quotations to the area below the level of 0.6535.
Australian Dollar Forecast December 16, 2022
An additional signal in favor of the decline in the AUD/USD currency pair will be a rebound from the resistance line on the relative strength index (RSI). The second signal in favor of this scenario will be a rebound from the upper boundary of the “Wedge” reversal pattern. Cancellation of the option with a fall in the quotes of the Australian Dollar on Forex will be a strong rise in prices and a breakdown of the level of 0.6985. This will indicate a breakdown of the resistance area and continued growth of the AUD/USD currency pair with a potential target above the level of 0.7245. It is worth waiting for confirmation of the fall of the pair with a breakdown of the support area and closing of quotes below the level of 0.6695, which will indicate a breakdown of the lower border of the “Wedge” reversal pattern and the beginning of the pattern with targets below.
Australian Dollar Forecast December 16, 2022 suggests an attempt to test the resistance level near the 0.6925 area. Further, the pair quotes continue to fall below the level of 0.6535. An additional signal in favor of the pair’s decline will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the 0.6985 area. This will indicate a continuation of the growth of quotations with a potential target above the level of 0.7245.
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