Currency pair Australian Dollar to US Dollar AUD/USD continues to move in the correction and the bullish channel. Moving averages indicate the presence of a short-term bullish trend. Prices are again testing 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 publication of the forecast, the Australian Dollar exchange rate against the US Dollar is 0.6916. At the moment, we should expect an attempt to develop a bullish correction of the pair and a test of the resistance area near the level of 0.7005. Further, a rebound down and the continuation of the fall of quotations to the area below the level of 0.6615.
Australian Dollar Forecast February 16, 2023
An additional signal in favor of the fall of 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 lower boundary of the bullish channel, which was broken down by sellers. 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 0.7165. 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 0.7335. 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 0.6805, which will indicate a breakdown of the lower border of the next bullish channel.
Australian Dollar Forecast February 16, 2023 suggests an attempt to test the resistance level near the 0.7005 area. Further, the pair quotes continue to fall below the level of 0.6615. 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 0.7165 area. This will indicate a continued rise in quotes with a potential target above the level of 0.7335.
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