The currency pair Australian Dollar to US Dollar (AUDUSD) continues to move within the correction and descending 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 US Dollar exchange rate is 0.6640. At the moment, we should expect an attempt to develop growth and a test of the resistance area near the level of 0.6685. Then, a downward price rebound and a continuation of the fall in quotes to the area below the level of 0.6495.
Australian Dollar Forecast for October 24, 2024
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 descending channel. The cancellation of the option with a fall in Australian Dollar quotes on Forex will be a strong growth and a breakout of the level of 0.6765. This will indicate a breakout of the resistance area and continued growth of the AUD/USD currency pair with a potential target above 0.6955. Expect confirmation of the pair’s fall with a breakout of the support area and closing of quotes below 0.6585, which will indicate a breakout of the lower border of the descending channel, and this is a signal for a fall by the width of the channel.
Australian Dollar Forecast for October 24, 2024 suggests an attempt to test the resistance level near the 0.6685 area. Further, the pair’s quotes will continue to fall below 0.6495. An additional signal in favor of a decline in the pair will be a test of the trend line on the relative strength indicator. The cancellation of the fall option will be a strong increase in AUD/USD quotes and a breakout of the 0.6765 area. This will indicate continued growth of quotes with a potential target above 0.6955.
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