The currency pair Australian Dollar to US Dollar (AUDUSD) continues to move within the framework of the decline development and the beginning of the “Triangle” model development. 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 instrument’s value decline from the current levels. At the time of the forecast publication, the Australian Dollar to the US Dollar exchange rate is 0.6446. At the moment, we should expect an attempt to develop a bullish correction and a test of the resistance area near the level of 0.6465. Then, the price will bounce downwards and the quotes will continue to fall to the area below the level of 0.6245.
Australian Dollar Forecast for August 6, 2024
An additional signal in favor of the AUD/USD currency pair’s decline will be a rebound from the resistance 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 cancellation of the scenario with a fall in the Australian Dollar quotes on Forex will be a strong growth and a breakout of the 0.6575 level. This will indicate a breakout of the resistance area and continued growth of the AUD/USD currency pair with a potential target above the 0.6765 level. Expect confirmation of the fall of the pair with a breakout of the support area and closing of quotes below the 0.6370 level.
Australian Dollar Forecast for August 6, 2024 suggests an attempt to test the resistance level near the 0.6465 area. Further, the continuation of the fall in the pair’s quotes below the 0.6245 level. An additional signal in favor of the decline of the pair will be a test of the trend line on the relative strength indicator. The cancellation of the scenario with a fall will be a strong growth in the AUD/USD quotes and a breakout of the 0.6575 area. This will indicate continued growth of quotes with a potential target above the level of 0.6765.
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