The AUD/USD currency pair continues to move within the framework of a decline and descending channel. Moving averages indicate a short-term upward trend. Prices have broken through the area between the signal lines downwards, suggesting pressure from sellers of the currency pair and the potential for a continued decline in the value of the instrument from current levels. At the time of publishing the forecast, the exchange rate of the Australian Dollar to the US Dollar is 0.6312. Currently, we should expect an attempt to develop an upward move and a test of the resistance area near 0.6360. After that, a price rebound downwards and a continuation of the decline in quotes to levels below 0.6115.
Australian Dollar Forecast for February 28, 2025
An additional signal in favor of the AUD/USD pair’s decline 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 descending channel. The scenario for the Australian Dollar’s decline in Forex will be canceled by a strong price rise and a break of the 0.6445 level. This will indicate a breakout of the resistance area and a continuation of the AUD/USD currency pair’s rise with a potential target above 0.6685. Confirmation of the pair’s decline should come from a break of the support area and a closing of quotes below 0.6265, indicating a breakout of the lower boundary of the bullish correction channel.
Australian Dollar Forecast for February 28, 2025 suggests an attempt to test the resistance level near 0.6360. Then, a continuation of the decline in the pair’s quotes below 0.6115. An additional signal in favor of the pair’s decline will be a test of the trend line on the Relative Strength Index. The decline scenario will be canceled by a strong rise in AUD/USD quotes and a break of the 0.6445 area. This will indicate the continuation of the rise in quotes with a potential target above 0.6685.
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