Currency pair Australian Dollar US Dollar AUD/USD is trading at 0.6380 and continues to move as part of the fall and 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 September 7, 2023. A test of the lower boundary of the Cloud of the Ichimoku Kinko Hyo indicator is expected near the level of 0.6425. Where should we expect a rebound down and an attempt to continue the fall of the currency pair. The target of such movement of the pair on Forex is the area near the level of 0.6265.
Australian Dollar Forecast AUD/USD for September 7, 2023
An additional signal in favor of the fall of 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. Earlier, a medium-strength signal was received for purchases of the Australian Dollar and the US Dollar. 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 0.6475. The nearest support area for the AUD/USD pair is located near the 0.6345 area.
Cancellation of the option of falling quotes of the AUD/USD pair will be a fall 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 0.6485. 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 0.6325.
Australian Dollar Forecast AUD/USD for September 7, 2023 suggests an attempt to test the resistance level near the 0.6425 area. Where can we expect the continuation of the fall of the Australian Dollar against the US Dollar with a potential target near the level of 0.6265. Cancellation of the reduction option will be a breakdown of the area of 0.6485. This will indicate the continued growth of the currency pair on Forex with a target above the 0.6675 area.
