The Australian Dollar/US Dollar AUD/USD currency pair ends the trading week near the 0.7400 area. The pair continues to move within the falling and descending channel. Moving averages indicate the presence of a bullish trend. Prices broke through the area between the signal lines down, which indicates pressure from the sellers of the asset and the potential continuation of the fall 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 0.7625 level. Then, a rebound and a continuation of the fall of AUD/USD with a potential target below the level of 0.6505 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 bullish channel. The second signal will be a rebound from the descending trend line on the relative strength indicator. The cancellation of the fall of the AUD/USD currency pair in the current trading week on July 19-23, 2021 will be a strong growth and a breakdown of the 0.8015 level. This will indicate a breakdown of the resistance and the continuation of the rise of the Australian Dollar on Forex with a potential target at the level of 0.8455. The breakdown of the support area and the closing of prices below the level of 0.7235 will confirm the development of the decline.
Forex signal AUD/USD for the week of July 19-23, 2021
Among the important news from Australia that may affect the Australian dollar, it is worth highlighting: Retail sales in Australia m / m (Australia Retail Sales m/m), the Speech of the Chairman of the Reserve Bank of Australia Lowe (Reserve Bank of Australia (RBA) Governor Lowe Speech).
Thus, the Forex forecast of AUD/USD for the week of July 19-23, 2021 suggests an attempt to develop a bullish correction and a test of the 0.7625 level. Further, the continuation of the decline of the currency pair below the level of 0.6505. The trend line test on the relative strength indicator will be in favor of the pair's fall in the current trading week. The cancellation of the decline option will be a strong growth and a breakdown of the 0.8015 area. This will indicate a breakdown of the resistance area and the continuation of the pair's growth with a target above 0.8455.