The currency pair Australian Dollar to US Dollar (AUDUSD) continues to move within the development of a fall and a descending channel. The moving averages indicate the presence of a short-term bearish trend. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers of the currency pair and a potential continuation of the fall in the value 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 0.6543. At the moment, we should expect an attempt to develop a bearish correction and a test of the support area near the level of 0.6515. Then, the price will bounce upward and continue to grow quotes to the area above the level of 0.6715.
Australian Dollar Forecast for August 2, 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 upper border of the bearish channel. The option of the Australian Dollar quotes rising on Forex will be cancelled if they fall and break the 0.6455 level. This will indicate a break of the support area and a continuation of the fall of the AUD/USD currency pair with a potential target below the 0.6265 level. Confirmation of the pair’s growth should be expected with a break of the resistance area and closing of quotes above the 0.6595 level, which will indicate a break of the upper border of the bearish channel.
Australian Dollar Forecast for August 2, 2024 suggests an attempt to test the support level near the 0.6515 area. Further, the pair’s quotes will continue to grow above the 0.6715 level. An additional signal in favor of the pair’s rise will be a test of the trend line on the relative strength indicator. The option of the growth will be cancelled if the AUD/USD quotes fall and break the 0.6455 area. This will indicate a continuation of the fall in quotes with a potential target below the level of 0.6265.
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