The currency pair Australian Dollar to US Dollar (AUDUSD) continues to move within the fall and bearish channel. The moving averages indicate the presence of a short-term bearish trend. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers of the currency pair and a potential continuation of the fall 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 0.6572. At the moment, we should expect an attempt to develop a decline and a test of the support area near the level of 0.6515. Then, the price will bounce upwards and continue to grow quotes to the area above the level of 0.6755.
Australian Dollar Forecast for November 7, 2024
An additional signal in favor of the growth of the AUD/USD currency pair will be a rebound from the broken trend 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. The scenario with the growth of the Australian Dollar quotes on Forex will be cancelled if the price falls and the level of 0.6465 is broken. This will indicate a breakout of the support area and a continuation of the fall of the AUD/USD currency pair with a potential target below the level of 0.6235. Confirmation of the pair’s growth should be expected with a breakout of the resistance area and closing of quotes above the level of 0.6645, which will indicate a breakout of the upper border of the descending correction channel.
Australian Dollar Forecast for November 7, 2024 suggests an attempt to test the support level near the area of 0.6515. Further, the continuation of the growth of the pair’s quotes above the level of 0.6755. An additional signal in favor of the rise of the pair will be a test of the trend line on the relative strength indicator. The scenario with growth will be cancelled if the AUD/USD quotes fall and the area of 0.6465 is broken. This will indicate a continuation of the decline in quotes with a potential target below the level of 0.6235.
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