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 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 0.6733. 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 9, 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 border of the bearish 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 0.6875. This will indicate a breakout of the resistance area and continued growth of the AUD/USD currency pair with a potential target above the level of 0.7065. Confirmation of the pair’s fall should be expected with a breakout of the support area and closing of quotes below the level of 0.6655.
Australian Dollar Forecast for October 9, 2024 suggests an attempt to test the resistance level near the area of 0.6765. Further, the continuation of the fall of the pair’s quotes below the level of 0.6575. 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 fall option will be a strong growth of AUD/USD quotes and a breakout of the area of 0.6875. This will indicate continued growth of quotes with a potential target above the level of 0.7065.
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