The currency pair Australian Dollar to US Dollar (AUDUSD) continues to move within the development of the correction and the formation of the “Wedge” reversal pattern. 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 0.6648. At the moment, we should expect an attempt to develop a decline and a test of the support area near the level of 0.6615. Then, the price will bounce upward and continue to grow quotes to the area above the level of 0.6795.
Australian Dollar Forecast for September 12, 2024
An additional signal in favor of the growth of the AUD/USD currency pair will be a rebound from the support 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 “Wedge” reversal pattern. The option with the growth of the Australian Dollar quotes on Forex will be cancelled if the pair falls and breaks through the 0.6565 level. 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 0.6375 level. Confirmation of the pair’s growth should be expected with a breakout of the resistance area and closing of quotes above the 0.6695 level, which will indicate a breakout of the upper border of the bullish “Wedge” pattern.
Australian Dollar Forecast for September 12, 2024 suggests an attempt to test the support level near the 0.6615 area. Further, the pair’s quotes will continue to grow above the 0.6795 level. An additional signal in favor of the pair’s rise will be a test of the trend line on the relative strength indicator. The option with growth will be cancelled if the AUD/USD quotes fall and break through the 0.6565 area. This will indicate a continuation of the decline in quotes with a potential target below the level of 0.6375.
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