The AUD/USD currency pair continues to move within the correction and formation of the Head and Shoulders reversal pattern. The moving averages indicate the presence of a short-term upward trend. Prices have broken through the area between the signal lines upwards, which indicates pressure from buyers of the currency pair and a potential continuation of the growth in the value of the instrument from the current levels. At the time of publication of the forecast, the Australian Dollar to the US Dollar exchange rate is 0.6397. At the moment, we should expect an attempt to develop an increase and test the resistance area near the level of 0.6425. Then, a downward price rebound and a continuation of the fall in quotes to the area below the level of 0.6175.
Australian Dollar Forecast for May 2, 2025
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 indicator (RSI). The second signal in favor of this scenario will be a rebound from the upper border of the Head and Shoulders reversal pattern. The scenario with the fall of the Australian Dollar quotes on Forex will be cancelled by a strong price growth and a breakout of the 0.6465 level. This will indicate a breakout of the resistance area and continued growth of the AUD/USD currency pair with a potential target above the 0.6645 level. Confirmation of the pair’s fall should be expected with a breakout of the support area and closing of quotes below the 0.6345 level, which will indicate a breakout of the lower border of the Head and Shoulders reversal pattern and the beginning of the pattern implementation with targets below.
Australian Dollar Forecast for May 2, 2025 suggests an attempt to test the resistance level near the 0.6425 area. Further, the pair’s quotes will continue to fall below the 0.6175 level. An additional signal in favor of the pair’s decline will be a test of the trend line on the relative strength indicator. The cancellation of the fall option will be a strong growth of AUD/USD quotes and a breakout of the 0.6465 area. This will indicate a continuation of the growth of quotes with a potential target above the level of 0.6645.
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