Currency pair Australian Dollar US Dollar AUD/USD is trading at 0.6565 and continues to move as part of the development of the fall and 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 March 20, 2024. A test of the signal lines of the Ichimoku Kinko Hyo indicator is expected near the level of 0.6585. 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 0.6475.
Australian Dollar Forecast AUD/USD for March 20, 2024
An additional signal in favor of a fall 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 upper border of the bearish channel. Previously, a weak signal was received for sales of the Australian Dollar and US Dollar. The signal was formed due to the intersection of signal lines at the level of 0.6610. The nearest resistance area for the Australian Dollar/US Dollar pair is located at 0.6600. The nearest support area for the AUD/USD pair is located near the 0.6545 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. A reversal will be confirmed by closing quotes above the 0.6635 area. This scenario will indicate a change in the bullish trend in favor of a bearish trend and a continuation of the fall of the currency pair. Expect an acceleration in the growth of quotes for the AUD/USD currency pair with a breakdown of resistance and closing of the price above the level of 0.6715.
Australian Dollar Forecast AUD/USD for March 20, 2024 suggests an attempt to test the support level near the 0.6555 area. Where can we expect continued growth of the Australian Dollar to US Dollar currency pair with a potential target near the level of 0.6765. Cancellation of the rise option will be a breakdown of the 0.6525 area. This will indicate a continued decline in the currency pair on Forex with a target below the 0.6365 area.
