FX.co ★ Forecast for AUD/USD on July 27, 2023

AUD/USD:

At the end of Wednesday, the Australian dollar fell by 34 pips. However, since the US dollar index fell by 0.31% yesterday and even lost 0.15% in today's Asian session, the aussie has already offset yesterday's loss. If the price stays above the 0.6783/98 range, the next target will be 0.6940.

The recent false break of the Marlin oscillator signal line into the bearish territory (green checkmark) creates the conditions for the succeeding growth in the medium-term. On the 4-hour chart, the Marlin oscillator's signal line turned up from the zero line, confirming the oscillator's intention to continue rising after it enters the positive territory (green arrow).

There is another resistance above the resistance range of 0.6783/98 - the MACD line. If the price consolidates above 0.6798, this will mean overcoming the MACD line. This resistance is strong, and overcoming it will give the price a momentum for growth.