Australian Dollar US Dollar AUD/USD currency pair ends the trading week near the 0.7726 area. The pair continues to move within the correction and the ascending channel. Moving averages indicate a bullish trend. Prices again pushed off from the area between the signal lines, which indicates pressure from buyers of the asset and the potential continuation of the growth in the value of the currency pair. At the moment, we should expect an attempt to continue the development of a bullish correction and a test of the resistance area near the level of 0.7885. Then, a rebound and a continuation of AUD/USD fall with a potential target below the 0.6565 level in the foreign exchange market.
AUD/USD Forex forecast and signal for the week of April 26-30, 2021
An additional signal in favour of the fall of the pair on Forex will be a rebound from the resistance area on the price chart, and there is also the potential to start working out the ”Head and Shoulders " reversal model. The second signal will be a rebound from the resistance line on the relative strength indicator. The cancellation of the fall of AUD/USD currency pair in the current trading week of April 26-30, 2021 will be a strong growth and a breakdown of the 0.8205 level. This will indicate a breakout of resistance and a continuation of the rise of Australian Dollar on Forex with a potential target at 0.8705. Confirmation of the development of the decline will be the breakdown of the support area and the closing of prices below the level of 0.7375.
AUD/USD Forex forecast and signal for the week of April 26-30, 2021
Important news from Australia, which may have an impact on Australian dollar, is not expected, so the pair will continue to move within the framework of technical analysis.
Thus, the Forex forecast of AUD/USD for the week of April 26-30, 2021 suggests an attempt to develop a bullish correction and test the level of 0.7885. Further, the continuation of the decline of the currency pair below the level of 0.6565. In favour of the fall of the pair in the current trading week, the trend line test on the relative strength indicator will act. The cancellation of the decline option will be a strong growth and a breakdown of the 0.8205 area. This will indicate a breakout of the resistance area and a continuation of the pair's growth with a target above 0.8705.