FX.co ★ Forecast for AUD/USD on May 4, 2023

AUD/USD

The Australian dollar settled at the technical level of 0.6670. The Marlin oscillator has also taken a neutral position. If yesterday the aussie did not react strongly to the Federal Reserve's rate hike, then it is likely to maintain a neutral position today regarding the European Central Bank's rate hike. The AUD/USD pair is waiting for tomorrow's US employment report.

The pair's growth seems limited to the 0.6730 level, as it will soon receive reinforcement from the approaching MACD indicator line. The pair will not weaken further until it breaks through the 0.6628 support level. We are waiting to see what will happen.

On the four-hour chart, this morning, the price reversed upward from the MACD line. The leading Marlin oscillator did not move into the downtrend area. There is potential for growth, but it will either end tomorrow or the US dollar will suffer a defeat in the employment data and AUD/USD will be able to break through 0.6730.