Currency pair Australian Dollar US Dollar AUD/USD is trading at 0.6413 and continues to move as part of the development of the fall and has left the bullish channel. The pair is trading below the lower boundary of the Ichimoku Kinko Hyo Cloud. This indicates a bearish trend for the Australian Dollar/US Dollar pair. As part of the Forex forecast for April 17, 2024. A test of the signal line area of the Ichimoku Kinko Hyo indicator is expected near the level of 0.6430. Where can we expect a downward rebound and an attempt to continue the fall of the currency pair. The target of such a movement of the pair on Forex is the area near the level of 0.6325.
Australian Dollar Forecast AUD/USD for April 18, 2024
An additional signal in favor of a decline in the AUD/USD currency pair on Forex will be a test of the resistance area on the price chart. The second signal will be a rebound from the lower border of the bullish channel. Previously, a weak signal was received for purchases of the Australian Dollar and US Dollar. The signal was formed due to the intersection of signal lines at the level of 0.6515. The nearest resistance area for the Australian Dollar/US Dollar pair is located at 0.6475. The nearest support area for the AUD/USD pair is located near the 0.6375 area.
Cancellation of the option of falling quotes for the AUD/USD pair will be a strong growth and a breakdown of the upper boundary of the Cloud of the Forex technical indicator. Confirmation of a reversal will be the closing of quotes above the 0.6595 area. This scenario will indicate a change in the bearish trend in favor of a bullish trend and continued growth of the currency pair. Expect an acceleration in the fall in quotes of the AUD/USD currency pair with the breakdown of support and closing of the price below the level of 0.6475.
Australian Dollar Forecast AUD/USD for April 18, 2024 suggests an attempt to test the resistance level near the 0.6430 area. Where can we expect the Australian Dollar to US Dollar currency pair to continue to fall with a potential target near the level of 0.6325. Cancellation of the downward option will be a breakdown of the 0.6595 area. This will indicate continued growth of the currency pair on Forex with a target above the 0.6775 area.
