The currency pair Australian Dollar to US Dollar (AUD/USD) continues to move as part of the development of the correction and bullish channel. Moving averages indicate a short-term bullish trend. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers of the currency pair and a potential continuation of the growth 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 0.6638. At the moment, we should expect an attempt to develop a decline and test the support area near the level of 0.6625. Next, a rebound upward and continued growth of quotes to the area above the level of 0.6835.
Australian Dollar Forecast for June 5, 2024
An additional signal in favor of growth in 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 bullish channel. Cancellation of the option with a rise in Australian Dollar quotes on Forex will be a fall and a breakdown of the level of 0.6515. This will indicate a breakdown of the support area and a continued decline in the AUD/USD currency pair with a potential target below the level of 0.6325. Expect confirmation of the pair’s growth with a breakdown of the resistance area and closing of quotes above the level of 0.6755.
Australian Dollar Forecast for June 5, 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 0.6835. 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 fall option will be a strong growth and a breakdown of the 0.6515 area. This will indicate a continued rise in quotes with a potential target above the level of 0.6325.
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