The currency pair Australian Dollar to US Dollar (AUDUSD) continues to move as part of the development of the fall and has left the ascending channel. Moving averages indicate a short-term bullish 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 current levels. At the time of publication of the forecast, the Australian Dollar to US Dollar exchange rate is 0.6601. At the moment, we should expect an attempt to develop growth and test the resistance area near the level of 0.6625. Further, the price rebounds downwards and the quotes continue to fall to the area below the level of 0.6495.
Australian Dollar Forecast for July 25, 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 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 0.6675. This will indicate a breakdown of the resistance area and continued growth of the AUD/USD currency pair with a potential target above the level of 0.6855. Expect confirmation of the pair’s fall with a breakdown of the support area and closing of quotes below the level of 0.6575.
Australian Dollar Forecast for July 25, 2024 suggests an attempt to test the support level near the 0.6625 area. Further, the pair’s quotes continue to grow above the level of 0.6495. An additional signal in favor of the pair’s rise will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 0.6675 area. This will indicate a continued decline in quotes with a potential target below the level of 0.6855.
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