Currency pair Australian Dollar US Dollar AUD/USD is trading at 0.6788 and continues to move as part of the fall and the downward 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 8, 2022. A test of the lower border of the Cloud of the Ichimoku Kinko Hyo indicator is expected near the level of 0.6835. Where should we expect a rebound 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 0.6605.
Australian Dollar Forecast AUD/USD September 8, 2022
An additional signal in favor of a decrease 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. Earlier, a medium-strength signal was received for selling the Australian Dollar/US Dollar pair. The signal was formed due to the crossing of the signal lines at the level of 0.6925.
Cancellation of the option to reduce the quotes of the AUD/USD pair will be a strong growth of the asset 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 0.6945. Such a scenario will indicate a change in the downward trend in favor of a bullish trend and 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 the support area and closing prices below the level of 0.6735.
Australian Dollar Forecast AUD/USD September 8, 2022 suggests an attempt to test the resistance level near the 0.6835 area. Where should we expect the continuation of the decline in the currency pair Australian Dollar against the US Dollar with a potential target near the level of 0.6605. Cancellation of the fall option will be a breakdown of the 0.6945 area. This will indicate the continued growth of the currency pair on Forex with a target above the 0.7175 area.