Annual Forecast for AUDUSD (2024)

AUDUSD Annual Forecast – AUDUSD Is Back in Contention for Higher Price Levels

The annual Forecast for AUDUSD sees it pump back up in contention for higher price levels. Having been seriously battered in the first quarter of 2020, the Australian Dollar took advantage of the COVID-19 pandemic to strengthen itself at the expense of the dipping value of the US dollar. The market, therefore, kept rising with strong bullish strides during the enforced lockdown to bring itself back into contention for even higher price levels.

AUDUSD Significant Levels

Supply Levels: 0.77230, 0.80380, 0.87410
Demand Levels: 0.61410, 0.66780, 0.70070

AUDUSD Long Term Plan: Bullish

AUDUSD had halted its decline by utilizing the strong support at 0.70070. Subsequently, the buyers began engineering a breakout to the upside for the market. Therefore, the market went into an annual consolidation that spanned from mid-2015 to mid-2017. The market took the next step upward, only to face a double rejection, which led to a free fall in the market. The price slumped through several key levels till it found respite at 0.61410.

This period coincided with the high period of the COVID-19, during which the Australian Dollar pumped up its value. The upthrust of the price halted suddenly below 0.77230, coinciding with the 2021 new year’s day. The market was well defended at this level, which coincides with the upper border of the Bollinger Band. Following that, the price falls back to the strong support level of 0.70070, trading below the Bollinger Band mid-line.

AUDUSD Medium Term Plan: Ranging

AUDUSD is putting itself back in contention for a higher price level as it begins another session of consolidation. The weekly chart shows that the market has bounced off the demand level and is currently negotiating the middle line of the Bollinger Band on its way upward to test the 0.77230 resistance level. The Stochastic Oscillator also shows its signal line gliding upward in favor of the bulls.

The current consolidation could become annual depending on how long it takes for the bulls to break out of it (or the bears take over). The forecast is for the market to rise to the next resistance at 0.80380.

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