The currency pair AUDUSD AUD/USD continues to move within the correction and downside channel. The moving averages indicate the presence of a short-term bearish trend. The price is rising from the area between the signal lines, which indicates pressure from buyers of the currency pair and the possibility that the value of the instrument will continue to grow from the current level. At the time of publishing the forecast, the AUDUSD exchange rate was 0.7122. For now, we should expect the pair to continue its development and test the resistance area around 0.7160. Further, the rally retreated and the offer continued to fall to the area below 0.6975.
AUD/USD Forecast for Australian Dollar February 4, 2022
Another signal in favor of a falling AUD/USD pair would be a rebound from the resistance line of the Relative Strength Index (RSI). The second signal would come from the upper boundary of the downward channel. The cancellation of the option for the AUD to fall against the FX quotes will cause the price to rise and fall below the 0.7225 level. This would indicate that the resistance area has broken down and the AUD/USD pair continues to rise with a potential target above 0.7465. It is worth waiting for confirmation of the pair's decline, the support area is broken and the offer closes below 0.7075, which would indicate the breakdown of the lower boundary of the bullish correction channel.
AUD/USD Forecast for the Australian dollar for February 4, 2022 suggests an attempt to test resistance around the 0.7160 area. In addition, the pair continues to be quoted below the 0.6975 level. Another signal supporting the pair's decline would be the test of the trend line on the Relative Strength Index (RSI). Cancellation of the down option would be a strong growth and a breakdown of the 0.7225 area. This would indicate a sustained rise in the offer with a potential target above 0.7465.