The currency pair Australian Dollar to US Dollar (AUD/USD) continues to move within the correction and the downward channel. Moving averages indicate the presence of a short-term bearish trend. Prices are again testing the area between the signal ones, which indicates pressure from sellers of the currency pair and a potential continuation of the fall 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 0.6400. At the moment, we should expect an attempt to develop the growth of the pair and test the resistance area near the level of 0.6435. Further, a rebound down and the continuation of the fall of quotations to the area below the level of 0.6245.
Australian Dollar Forecast for August 31, 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 upper boundary of the bearish channel. 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 0.6465. 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 0.6655. It is worth waiting for confirmation of the fall of the pair with the breakdown of the support area and the closing of quotes below the level of 0.6375.
Australian Dollar Forecast for August 31, 2023 suggests an attempt to test the resistance level near the 0.6435 area. Further, the pair quotes continue to fall below the level of 0.6245. 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 0.6465 area. This will indicate a continued rise in quotes with a potential target above the level of 0.6655.
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