The development of upward dynamics in the AUD/USD pair is due to yesterday's comments of the US Federal Reserve, which negatively affected the quotes of the US dollar
Yesterday, the US regulator kept the interest rate at 0.25% and, although representatives of the department acknowledged that inflation is out of the norm, they said that no serious decisions on monetary policy should be expected in the near future. Investors took the statements of the US Federal Reserve negatively, and by the close of trading, the USD Index fell to the level of 92.28.
Meanwhile, the AUD/USD pair still maintains a long-term downtrend, to which an upward correction is currently developing. Its probable target is a test of the 0.7477 level, in case of a breakdown of which the next target will be the 0.7586 mark.
The medium-term trend is descending within the framework of the forex forecast. Within the framework of the trend, the target zone 3 was reached last week (0.7350-0.7332). The zone was held, which led to an increase in the exchange rate. Now market participants are trying to break through the resistance at the level of 0.7384. If successful, the price is likely to continue to grow in the area of the trend boundary (0.7465-0.7449).
Support and resistance levels
Resistance levels: 0.7378, 0.7477, 0.7586.
Support levels: 0.7312, 0.7228.
Thus, AUD/USD forex forecast for July 30 - August 2, 2021, long positions can be opened from the level of 0.7390 with a target of 0.7477 and a stop loss of 0.7347. Implementation period: 7-9 days.
Short positions can be opened below the level of 0.7298 with a target of 0.7228 and a stop loss of 0.7333.