The currency pair Australian Dollar US Dollar (AUD/USD) continues to move within the framework of a correction and the formation of a reversal pattern called the “Expanding Triangle.” Moving averages indicate the presence of a short-term bullish trend. Prices have broken above the area between the signal lines, indicating buying pressure on the currency pair and the potential continuation of the instrument’s growth from current levels. At the time of this forecast, the exchange rate of the Australian Dollar to the US Dollar stands at 0.6846. Currently, we can expect an attempt to continue the bullish correction of the pair and test the resistance area near the 0.6865 level. After that, we can anticipate a pullback downwards and a continuation of the decline in quotes towards the area below the 0.6665 level.
Australian Dollar Forecast for June 21, 2023
An additional signal in favor of the decline of the AUD/USD currency pair would be a bounce off the resistance line on the Relative Strength Index (RSI) indicator. A second signal in favor of this scenario would be a rebound from the upper boundary of the “Expanding Triangle” pattern. The scenario of a decline in the Australian Dollar quotes on Forex would be invalidated by a strong price increase and a breakthrough of the 0.6975 level. This would indicate a breakout of the resistance area and a continuation of the rise in the AUD/USD currency pair with a potential target above the 0.7185 level. We should expect confirmation of the decline in the pair with a breakthrough of the support area and the closing of quotes below the 0.6765 level, which would indicate a breakout of the lower boundary of the bullish correction channel.
Australian Dollar Forecast for June 21, 2023 suggest an attempt to test the resistance level near the 0.6865 area, followed by a continuation of the decline in the pair’s quotes below the 0.6665 level. An additional signal in favor of the decline would be a test of the trend line on the Relative Strength Index indicator. The scenario of the decline would be invalidated by a strong rise and a breakthrough of the 0.6975 area. This would indicate a continuation of the rise in quotes with a potential target above the 0.7185 level.
