Australian Dollar US Dollar AUD/USD ends the trading week with growth near the level of 0.6507. The pair is trading below the lower boundary of the Cloud of the Ichimoku Kinko Hyo indicator. This indicates a bearish trend for the Australian Dollar/US Dollar pair. In the current trading week, a correction is expected to develop and a test of the lower boundary of the Cloud of the Ichimoku Kinko Hyo indicator is expected near the level of 0.6575. Where can we expect an attempt to rebound downwards and continue the fall of the currency pair on the Forex market with a target near the level of 0.6265.
AUD/USD Forecast March 4 — 8, 2024
An additional signal in favor of a decline in the AUD/USD currency pair in the current trading week will be a test of the resistance area on the price chart. The second signal in favor of a decline will be a rebound from the upper border of the bearish channel. Previously, a weak signal was received to buy the Australian Dollar/US Dollar pair. The signal was formed due to the intersection of signal lines at the level of 0.6535.
Cancellation of the option of falling quotes for the AUD/USD pair will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with closing quotes above the area of 0.6705. This will indicate a change in the bearish trend in favor of a bullish trend and continued growth of the pair this week. Expect an acceleration of the fall of AUD/USD from the level of the support area and closing below the 0.6465 area.
AUD/USD Forecast March 4 — 8, 2024 assumes an attempt to develop a correction to the level of 0.6575. Where can we expect a rebound and continued fall of the pair in the current trading week with a potential target near the level of 0.6265. An additional signal in favor of a decline will be a rebound from the upper border of the bearish channel. Cancellation of the option for the currency pair to fall will be a breakdown of the 0.6705 area. In this case, we should expect continued growth in the AUD/USD rate for a possible change in the bullish trend in favor of a bearish trend with the goal of falling quotes at the level of 0.6895.
