Forex forecast AUD/USD for March 29 - April 2, 2021
The Australian Dollar/US Dollar AUD/USD currency pair ends the trading week near the 0.7628 area. The pair continues to move within the fall and the ascending channel. The ”Head and Shoulders " reversal pattern is also formed here. Moving averages indicate a bullish trend. Prices are again testing the areas 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 0.7855. Then, a rebound and a continuation of the AUD/USD fall with a potential target below the 0.6525 level in the foreign exchange market.
An additional signal in favor of the fall of the pair on Forex will be a rebound from the lower border of the ascending channel, which was broken up. The second signal will be a rebound from the resistance line on the relative strength indicator. The cancellation of the fall of the AUD/USD currency pair in the current trading week of March 29 — April 2, 2021 will be a strong growth and a breakdown of the 0.8185 level. This will indicate a breakout of resistance and a continuation of the rise of the Australian Dollar on Forex with a potential target at 0.8605. Confirmation of the development of the decline will be the breakdown of the support area and the closing of prices below the level of 0.7425, which will indicate the completion of the formation of the ”Head and Shoulders " reversal model.
Among the important news from Australia that may have an impact on the Australian exchange rate, it is worth highlighting: Retail sales in Australia m/m (Australia Retail Sales m / m).
Thus, the forex forecast of AUD/USD for March 29 — April 2, 2021 suggests an attempt to develop a bullish correction and test the level of 0.7855. Further, the continuation of the decline of the currency pair below the level of 0.6525. In favor 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 0.8185 area. This will indicate a breakout of the resistance area and the continuation of the pair's growth with a target above 0.8605.