Currency pair Australian Dollar to US Dollar AUD/USD continues to move in the development of correction and the descending channel. Sliding average indicate the presence of a short -term bear’s trend. Prices went down from the area between the signal lines, which indicates the pressure from the sellers of the currency pair and the potential continuation of the drop in the cost of the tool from current levels. At the time of publication of the forecast, the Australian dollar to the US dollar is 0.6687. At the moment, it is worth expecting an attempt to develop bull correction of the pair and the test area of the resistance near the level of 0.6755. Further, the rebound down and the continuation of the fall of the quotes to the area below the level of 0.6325.
Australian Dollar Forecast March 31, 2023
An additional signal in favor of the fall of the AUD/USD currency pair will be a detective from the resistance line on the relative force indicator (RSI). The second signal in favor of this scenario will be the hunger of the upper boundary of the descending channel. The cancellation of the option with a fall in the quotes of the Australian dollar on Forex will be a strong increase in prices and a breakdown of the level of 0.6895. This will indicate the breakdown of the resistance area and the continuation of the growth of the AUD/USD currency pair with a potential target above 0.7225. It is worth expecting confirmation of the pair to fall with the breakdown of the support area and the closure of the quotes below the level of 0.6605, which will indicate a breakdown of the lower border of the bull channel of correction.
Australian Dollar Forecast March 31, 2023 involves an attempt to test the resistance level near the area 0.6755. Further, the continuation of the fall of the quotes of the pair below the level of 0.6325. An additional signal in favor of reducing the pair will be the test line of the trend on the relative force indicator. The cancellation of the fall option will be a strong growth and breakdown of the area 0.6895. This will indicate a continuation of the rise of quotes with a potential goal above the level of 0.7225.
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