The currency pair Australian Dollar to US Dollar (AUD/USD) continues to move as part of the development of the fall and the completion of the formation of the “Head and Shoulders” pattern. 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 0.6657. At the moment, we should expect an attempt to develop growth and test the resistance area near the level of 0.6675. Next, a rebound downwards and a continuation of the fall of quotes to the area below the level of 0.6435.
Australian Dollar Forecast for May 29, 2024
An additional signal in favor of a decline in 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 boundary of the bearish Head and Shoulders pattern. Cancellation of the option with a fall in Australian Dollar quotes on Forex will be a strong growth and a breakdown of the level of 0.6825. 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 0.6985. Expect confirmation of the pair’s fall with a breakdown of the support area and closing of quotes below the level of 0.6545, which will indicate a breakdown of the lower boundary of the “Head and Shoulders” reversal pattern and the beginning of the pattern with targets below.
Australian Dollar Forecast for May 29, 2024 suggests an attempt to test the resistance level near the 0.6675 area. Further, the pair’s quotes continue to fall below the level of 0.6435. An additional signal in favor of a decline in the pair 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 0.6825 area. This will indicate a continued rise in quotes with a potential target above the level of 0.6985.
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