The currency pair Australian Dollar to US Dollar (AUD/USD) continues to move as part of the development of a correction and a bearish channel. Moving averages indicate 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 current levels. At the time of publication of the forecast, the Australian Dollar to US Dollar exchange rate is 0.6492. At the moment, we should expect an attempt to develop a bullish correction and a test of the resistance area near the level of 0.6515. Next, a rebound downwards and a continuation of the fall of quotes to the area below the level of 0.6325.
Australian Dollar Forecast for February 7, 2024
An additional signal in favor of a fall 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 bearish channel. Cancellation of the option with a fall in Australian Dollar quotes on Forex will be a strong growth and a breakdown of the level of 0.6625. This will indicate a breakdown of the resistance area and a continued rise in the AUD/USD currency pair with a potential target above the level of 0.6865. Expect confirmation of the pair’s fall with a breakdown of the support area and closing of quotes below the level of 0.6445.
Australian Dollar Forecast for February 7, 2024 suggests an attempt to test the resistance level near the 0.6515 area. Further, the pair’s quotes continue to fall below the level of 0.6325. An additional signal in favor of a decline in the pair will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the 0.6625 area. This will indicate a continued rise in quotes with a potential target above the level of 0.6865.
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