The currency pair Australian Dollar to US Dollar (AUDUSD) continues to move within the correction and has left the bullish channel. The moving averages indicate the presence of a short-term bullish 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 0.6707. At the moment, we should expect an attempt to develop growth and a test of the resistance area near the level of 0.6765. Then, a downward price rebound and a continuation of the fall in quotes to the area below the level of 0.6575.
Australian Dollar Forecast for October 16, 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 lower border of the bullish channel. The cancellation of the scenario with a fall in the Australian Dollar quotes on Forex will be a strong growth and a breakout of the 0.6845 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 0.7175 level. Confirmation of the fall of the pair should be expected with a breakout of the support area and closing of quotes below the 0.6625 level.
Australian Dollar Forecast for October 16, 2024 suggests an attempt to test the resistance level near the 0.6765 area. Further, the continuation of the fall of the pair’s quotes below the 0.6575 level. An additional signal in favor of the decline of the pair will be a test of the trend line on the relative strength indicator. The cancellation of the scenario with a fall will be a strong growth of the AUD/USD quotes and a breakout of the 0.6845 area. This will indicate continued growth of quotes with a potential target above the level of 0.7175.
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