Currency pair Australian Dollar US Dollar AUD/USD is trading at 0.6472 and continues to move within the correction and left the bearish channel. The pair is trading above the upper boundary of the Ichimoku Kinko Hyo Cloud. This indicates a bullish trend for the Australian Dollar/US Dollar pair. As part of the Forex forecast for September 1, 2023. A test of the upper border of the Cloud of the Ichimoku Kinko Hyo indicator is expected near the level of 0.6445. Where should we expect a rebound upwards and an attempt to continue the growth of the currency pair. The purpose of such a movement of the pair on Forex is the area near the level of 0.6635.
Australian Dollar Forecast AUD/USD for September 1, 2023
An additional signal in favor of the growth 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, which was broken up by buyers. Earlier, a medium-strength signal was received for 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 resistance area for the Australian Dollar/US Dollar pair is at 0.6535. The nearest support area for the AUD/USD pair is located near the 0.6425 area.
Cancellation of the growth option for the quotes of the AUD/USD pair will be a fall and a breakdown of the lower boundary of the Cloud of the Forex technical indicator. The reversal will be confirmed by closing quotes below the 0.6375 area. Such a scenario will indicate a change in the bullish trend in favor of the bearish trend and the continuation of the fall of the currency pair. Expect an acceleration in the growth of quotes of the AUD/USD currency pair with a breakdown of resistance and closing prices above the level of 0.6565.
Australian Dollar Forecast AUD/USD for September 1, 2023 suggests an attempt to test the support level near the 0.6445 area. Where can we expect the continuation of the growth of the currency pair Australian Dollar against the US Dollar with a potential target near the level of 0.6635. Cancellation of the rise option will be a breakdown of the 0.6375 area. This will indicate a continuation of the fall of the currency pair on Forex with a target below the 0.6205 area.
