The currency pair Australian Dollar to US Dollar (AUDUSD) continues to move within the development of a sideways correction and a bullish channel. The moving averages indicate the presence of a short-term bullish 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 US Dollar exchange rate is 0.6776. At the moment, we should expect an attempt to develop a decline and a test of the support area near the level of 0.6695. Then, the price will bounce back upwards and continue to grow quotes to the area above the level of 0.6905.
Australian Dollar Forecast for August 29, 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 cancellation of the option with the rise in Australian Dollar quotes on Forex will be a fall and a breakout of the level of 0.6665. This will indicate a breakout of the support area and a continuation of the decline of the AUD/USD currency pair with a potential target below the level of 0.6385. Expect confirmation of the pair’s growth with a breakout of the resistance area and closing of quotes above the level of 0.6855.
Australian Dollar Forecast for August 29, 2024 suggests an attempt to test the support level near the area of 0.6695. Further, the continuation of the growth of the pair’s quotes above the level of 0.6905. 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 cancellation of the growth option will be a fall in AUD/USD quotes and a breakout of the area of 0.6665. This will indicate a continuation of the decline in quotes with a potential target below the level of 0.6385.
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