Currency pair Australian Dollar US Dollar AUD/USD is trading at 0.6430 and continues to move within the correction and the bearish 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 August 24, 2023. A test of the upper border of the Cloud of the Ichimoku Kinko Hyo indicator is expected near the level of 0.6455. Where should we expect a rebound down and an attempt to continue the fall of the currency pair. The purpose of such a movement of the pair on Forex is the area near the level of 0.6185.
Australian Dollar Forecast AUD/USD for August 24, 2023
An additional signal in favor of the fall of the AUD/USD currency pair on Forex will be a test of the support area on the price chart. The second signal will be a rebound from the upper border of the bearish channel. Earlier, a weak signal was received for buying the Australian Dollar/US Dollar pair. The signal was formed due to the crossing of the signal lines at the level of 0.6425. The nearest area of resistance for the pair Australian Dollar US Dollar is at 0.6485. The nearest support area for the AUD/USD pair is located near the 0.6335 area.
Cancellation of the option of falling quotes of the AUD/USD pair will be a strong growth and a breakdown of the upper boundary of the Cloud of the Forex technical indicator. The reversal will be confirmed by closing quotes above the area of 0.6535. Such a scenario will indicate a change in the bearish trend in favor of the bullish trend and the continued growth of the currency pair. Expect an acceleration in the fall of the quotes of the AUD/USD currency pair with a breakdown of support and closing the price below the level of 0.6365.
Australian Dollar Forecast AUD/USD for August 24, 2023 suggests an attempt to test the resistance level near the 0.6455 area. Where should we expect the continuation of the fall of the Australian Dollar against the US Dollar with a potential target near the level of 0.6185. Cancellation of the reduction option will be a breakdown of the 0.6535 area. This will indicate the continued growth of the currency pair on Forex with a target above the 0.6775 area.
