The Australian Dollar/US Dollar AUD/USD currency pair continues to move within the correction and the descending channel. Moving averages indicate the presence of a short-term bearish trend. Prices broke through the area between the signal lines up, which indicates pressure from buyers of the currency pair and the potential continuation of the growth of the value of the instrument from the current levels. At the time of publication of the forecast, the Australian Dollar exchange rate against the US Dollar is 0.7748. At the moment, we should expect an attempt to develop a rise and test the resistance area near the level of 0.7765. Further, the rebound and the continuation of the fall of quotations in the area below the level of 0.7535.
An additional signal in favor of the fall of the AUD/USD currency pair will be a rebound from the resistance line on the relative strength indicator. The second signal will be a rebound from the upper limit of the descending channel. The cancellation of the fall of the Australian Dollar quotes on Forex will be a strong growth and a breakdown of the level of 0.7835. This will indicate the breakdown of the resistance area and the continuation of the rise of the AUD/USD currency pair with a potential target above the level of 0.8225. It is worth waiting for confirmation of the pair's fall with the breakdown of the support area and the closing of quotes below the level of 0.7675.
AUD/USD Forex signals and analytics for June 11, 2021
Important news from Australia, which may have an impact on the pair's rate, is not expected, so the pair will continue to move within the framework of technical analysis.
Thus, the AUD/USD Forex and analyst forecast for June 11, 2021 suggests an attempt to test the resistance level near the 0.7765 area. Further, the pair's quotes will continue to fall below the level of 0.7535. An additional signal in favor of the pair's fall will be a test of the trend line on the relative strength indicator. The cancellation of the decline option will be a strong growth and a breakdown of the 0.7835 area. This will indicate a continuation of the rise in quotations with a potential target above the level of 0.8225.