The currency pair Australian Dollar to US Dollar (AUDUSD) continues to move within the development of growth and a descending channel. The moving averages indicate the presence of a short-term bearish trend. Prices are again testing the area between the signal lines, 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 US Dollar exchange rate is 0.6560. At the moment, we should expect an attempt to develop a bullish correction and a test of the resistance area near the level of 0.6575. Then, a downward price rebound and a continuation of the fall in quotes to the area below the level of 0.6405.
Australian Dollar Forecast for August 8, 2024
An additional signal in favor of a decline in the AUD/USD currency pair 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 descending 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 0.6655 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 0.6825 level. Confirmation of the fall of the pair should be expected with a breakout of the support area and closing of quotes below the 0.6465 level.
Australian Dollar Forecast for August 8, 2024 suggests an attempt to test the support level near the 0.6575 area. Further, the continuation of the growth of the pair’s quotes above the 0.6405 level. 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 scenario with growth will be a fall in the AUD/USD quotes and a breakout of the 0.6655 area. This will indicate a continuation of the decline in quotes with a potential target below the level of 0.6825.
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