The currency pair Australian Dollar to US Dollar (AUDUSD) continues to move within the development of growth and a bullish channel. The moving averages indicate the presence of a short-term bearish trend. Prices have broken through the area between the signal lines upwards, which indicates pressure from buyers of the currency pair and a potential continuation of the growth of the instrument from the current levels. At the time of publication of the forecast, the Australian Dollar to the US Dollar exchange rate is 0.6555. At the moment, we should expect an attempt to develop a bearish correction and a test of the support area near the level of 0.6565. Then, the price will bounce upwards and continue to grow quotes to the area above the level of 0.6685.
Australian Dollar Forecast for August 14, 2024
An additional signal in favor of the growth of the AUD/USD currency pair will be a rebound from the support line on the relative strength indicator (RSI). The second signal in favor of this scenario will be a rebound from the lower border of the bullish channel. The option with the growth of the Australian Dollar quotes on Forex will be cancelled if the pair falls and breaks through the 0.6505 level. This will indicate a breakout of the support area and a continuation of the fall of the AUD/USD currency pair with a potential target below the 0.6275 level. Confirmation of the pair’s growth should be expected with a breakout of the resistance area and closing of quotes above the 0.6665 level, which will indicate a breakout of the upper border of the bullish channel.
Australian Dollar Forecast for August 14, 2024 suggests an attempt to test the support level near the 0.6565 area. Further, the continuation of the growth of the pair’s quotes above the 0.6685 level. An additional signal in favor of the rise of the pair will be a test of the trend line on the relative strength indicator. The option with the growth will be cancelled if the AUD/USD quotes fall and break through the 0.6505 area. This will indicate a continuation of the decline in quotes with a potential target below the level of 0.6275.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
