The currency pair Australian Dollar to US Dollar (AUDUSD) continues to move within the correction and bullish channel. The moving averages indicate the presence of a short-term bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from buyers of the currency pair and potential continued growth in the instrument’s value from the current levels. At the time of publication of the forecast, the Australian Dollar to US Dollar exchange rate is 0.6786. At the moment, we should expect an attempt to develop growth and a test of the resistance area near the level of 0.6865. Then, a downward price rebound and a continuation of the fall in quotes to the area below the level of 0.6625.
Australian Dollar Forecast for October 8, 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 option with a fall in Australian Dollar quotes on Forex will be a strong growth and a breakout of the level of 0.7005. This will indicate a breakout of the resistance area and continued growth of the AUD/USD currency pair with a potential target above 0.7295. Expect confirmation of the pair’s fall with a breakout of the support area and closing of quotes below 0.6785, which will indicate a breakout of another bullish channel.
Australian Dollar Forecast for October 8, 2024 suggests an attempt to test the resistance level near the 0.6865 area. Further, the pair’s quotes will continue to fall below 0.6625. An additional signal in favor of the pair’s decline will be a test of the trend line on the relative strength indicator. The option with a fall will be canceled by a strong increase in AUD/USD quotes and a breakout of the 0.7005 area. This will indicate continued growth of quotes with a potential target above 0.7295.
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