Currency pair Australian Dollar to US Dollar AUD/USD continues to move within the correction and the downward channel. Moving averages indicate the presence of a short-term bearish trend. Prices have broken through the area between the signal lines down, which indicates pressure from sellers of the currency pair and a potential continuation of the fall in the value of the instrument already from current levels. At the time of the publication of the forecast, the Australian Dollar exchange rate against the US Dollar is 0.6677. At the moment, we should expect an attempt to continue the development of the bullish correction of the pair and a test of the resistance area near the level of 0.6755. Further, a rebound down and the continuation of the fall of quotations to the area below the level of 0.6465.
Australian Dollar Forecast for May 18, 2023
An additional signal in favor of the fall of the AUD/USD currency pair will be a rebound from the resistance line on the relative strength index (RSI). The second signal in favor of this scenario will be a rebound from the upper boundary of the descending channel. Cancellation of the option with a fall in the quotes of the Australian Dollar on Forex will be a strong rise in prices and a breakdown of the level of 0.6845. 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 0.6995. It is worth waiting for confirmation of the fall of the pair with the breakdown of the support area and the closing of quotes below the level of 0.6655.
Australian Dollar Forecast for May 18, 2023 suggests an attempt to test the resistance level near the 0.6755 area. Further, the pair quotes continue to fall below the level of 0.6465. An additional signal in favor of the pair’s decline 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 0.6845 area. This will indicate a continued rise in quotes with a potential target above the level of 0.6995.
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