The currency pair Australian Dollar to US Dollar (AUDUSD) continues to move within the growth and formation of the reversal pattern “Head and Shoulders”. Moving averages indicate the presence of a short-term bearish trend. Prices are 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 0.6291. At the moment, we should expect an attempt to develop a fall and a test of the support area near the level of 0.6145. Then, the price will bounce up and continue to grow quotes to the area above the level of 0.6565.
Australian Dollar Forecast for February 6, 2025
An additional signal in favor of the rise 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 Head and Shoulders pattern. The scenario with the growth of Australian Dollar quotes on Forex will be canceled by a price drop and a breakout of the 0.6025 level. This will indicate a breakout of the support area and a continuation of the decline of the AUD/USD currency pair with a potential target below the 0.5775 level. Confirmation of the pair’s growth should be expected with a breakout of the resistance area and closing of quotes above the 0.6395 level, which will indicate a breakout of the upper border of the Head and Shoulders reversal pattern and the beginning of the implementation of the pattern with targets at the top.
Australian Dollar Forecast for February 6, 2025 suggests an attempt to test the support level near the 0.6145 area. Further, the pair’s quotes will continue to grow above the 0.6565 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 cancellation of the growth option will be a drop in AUD/USD quotes and a breakout of the 0.6025 area. This will indicate a continuation of the decline in quotes with a potential target below the level of 0.5775.
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