Australian Dollar US Dollar AUD/USD completes the trading week near the level of 0.6458. The pair is trading below the lower border of the Cloud indicator Ichimoku Kinko Hyo. 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 area of the signal lines of the Ichimoku Kinko Hyo indicator near the level of 0.6475. Where should we expect an attempt to rebound down and continue the fall of the currency pair in the Forex market with a target near the level of 0.6155.
AUD/USD Forecast September 4 — 8, 2023
An additional signal in favor of the fall of 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 the decline will be a rebound from the upper border of the bearish channel. Earlier, a weak signal was received for selling the Australian Dollar/US Dollar pair. The signal was formed due to the crossing of the signal lines at the level of 0.6715.
Cancellation of the option of falling quotes of the AUD/USD pair will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with quotes closing above the 0.6755 area. This will indicate a change in the bearish trend in favor of the bullish trend and the 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 0.6245 area, which will indicate a breakdown of the lower border of the descending channel, and this is a signal to fall to the width of the channel.
AUD/USD Forecast September 4 — 8, 2023 suggests an attempt to develop a correction to the level of 0.6475. Where should we expect a rebound and a continuation of the fall of the pair in the current trading week with a potential target near the level of 0.6155. An additional signal in favor of the decline will be a rebound from the lower border of the bullish channel. Cancellation of the option of the fall of the currency pair will be a breakdown of the area of 0.6755. In this case, we should expect continued growth of the AUD/USD rate for a possible change in the bearish trend in favor of the bullish trend with the aim of rising quotes at the level of 0.6985.
