Currency pair Australian Dollar to US Dollar AUD/USD continues to move in growth and a bullish channel. Moving averages indicate a short-term uptrend. Prices have broken through the area between the signal lines upwards, which indicates pressure from buyers of the currency pair and a potential continued growth in the value of the instrument already from current levels. At the time of the publication of the forecast, the Australian Dollar exchange rate against the US Dollar is 0.7018. At the moment, we should expect an attempt to develop a downward correction of the pair and a test of the support area near the level of 0.6970. Further, a rebound upwards and continued growth of quotations to the area above the level of 0.7235.
Australian Dollar Forecast January 20, 2023
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 index (RSI). The second signal in favor of this scenario will be a rebound from the lower boundary of the bullish channel. Cancellation of the option with the growth of quotes of the Australian Dollar on Forex will be a fall in prices and a breakdown of the level of 0.6845. This will indicate a breakdown of the support area and a continuation of the fall of the AUD/USD currency pair with a potential target below the level of 0.6565. It is worth waiting for confirmation of the growth of the pair with the breakdown of the resistance area and the closing of quotes above the level of 0.7135, which will indicate a breakdown of the upper limit of the bullish channel.
Australian Dollar Forecast January 20, 2023 suggests an attempt to test the support level near the 0.6970 area. Further, the continuation of the growth of the pair’s quotes above the level of 0.7235. An additional signal in favor of the pair’s rise will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 0.6845 area. This will indicate a continued decline in quotes with a potential target below the level of 0.6565.
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