The currency pair Australian Dollar to US Dollar (AUDUSD) continues to move within the development of the fall and the formation of the reversal pattern “Head and Shoulders”. 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 0.6479. At the moment, we should expect an attempt to develop a bearish correction and a test of the support area near the level of 0.6455. Then, the price will bounce upward and continue to grow quotes to the area above the level of 0.6645.
Australian Dollar Forecast for August 7, 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 reversal pattern “Head and Shoulders”. The option with the growth of the Australian Dollar quotes on Forex will be cancelled if the price falls and breaks through the 0.6375 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 0.6225 level. Confirmation of the pair’s growth should be expected with a breakout of the resistance area and closing of quotes above the 0.6565 level, which will indicate a breakout of the upper border of the Head and Shoulders reversal pattern and the beginning of the pattern with targets at the top.
Australian Dollar Forecast for August 7, 2024 suggests an attempt to test the support level near the 0.6455 area. Further, the pair’s quotes will continue to grow above the 0.6645 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 growth scenario will be cancelled if the AUD/USD quotes fall and the 0.6375 area is broken. This will indicate a continuation of the quotes decline with a potential target below the 0.6225 level.
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