The currency pair Australian Dollar to US Dollar (AUD/USD) continues to move as part of the development of the correction and the development of the “Head and Shoulders” reversal pattern. Moving averages indicate a short-term bearish 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 0.6604. At the moment, we should expect an attempt to develop a bearish correction and a test of the support area near the level of 0.6575. Next, a rebound upward and continued growth of quotes to the area above the level of 0.6775.
Australian Dollar Forecast for March 14, 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 upper boundary of the Head and Shoulders reversal pattern. Cancellation of the option with the growth of Australian Dollar quotes on Forex will be a fall and a breakdown of the level of 0.6435. This will indicate a breakdown of the support area and a continuation of the fall of the AUD/USD currency pair with a potential target below the level of 0.6215. Expect confirmation of the pair’s growth with a breakdown of the resistance area and closing of quotes above the level of 0.6705.
Australian Dollar Forecast for March 14, 2024 suggests an attempt to test the support level near the 0.6575 area. Further, the pair’s quotes continue to grow above the level of 0.6775. 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 0.6435 area. This will indicate a continued decline in quotes with a potential target below the level of 0.6215.
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