The currency pair Australian Dollar to US Dollar (AUD/USD) continues to move within a correction and the formation of a reversal pattern called an “Expanding Formation.” The moving averages indicate the presence of a short-term bullish trend. Prices have broken above the area between the signal lines, indicating pressure from buyers of the currency pair and a potential continuation of the price increase from current levels. At the time of the forecast publication, the exchange rate of the Australian Dollar against the US Dollar is 0.6787. Currently, we can expect an attempt to continue the development of the bullish correction of the pair and test the resistance area near the 0.6835 level. This would be followed by a downward price rebound and a continuation of the decline in quotes towards an area below the 0.6605 level.
Australian Dollar Forecast for June 22, 2023
An additional signal in favor of the decline in the AUD/USD currency pair would be a rebound from the resistance line on the relative strength indicator (RSI). The second signal supporting this scenario would be a rebound from the lower boundary of the bullish channel. The cancellation of the downward scenario for the Australian Dollar quotes in Forex would occur with a significant price increase and a breakthrough above the 0.6975 level. This would indicate a breakthrough of the resistance area and a continuation of the rise in the AUD/USD currency pair with a potential target above the 0.7235 level. Confirmation of the decline in the pair should be expected with a breakthrough of the support area and the closure of quotes below the 0.6745 level.
Australian Dollar Forecast for June 22, 2023 suggest an attempt to test the resistance level near the 0.6835 area, followed by a continuation of the decline in quotes below the 0.6605 level. An additional signal in favor of the pair’s decline would be a test of the trend line on the relative strength indicator. The cancellation of the downward scenario would occur with a strong rise and a breakthrough of the 0.6975 area. This would indicate a continuation of the price increase with a potential target above the 0.7235 level.
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