FX.co ★ Forecast for AUD/USD on July 31, 2023

AUD/USD

With a strong movement on Friday, the pair broke below the support of the MACD line on the daily scale. Although the Marlin oscillator slipped into negative territory, it reversed slightly, indicating a potential moderate correction in the pair. Nevertheless, if the quote surpasses Friday's low today, it will again break below the MACD line, sliding towards the level of 0.6560.

A correction can be seen on the four-hour chart, with the pair trading between 0.6625 and 0.6718. The situation will remain uncertain until it exits this range.

Alternatively, the pair could break above the upper boundary of the mentioned range and continue the correction towards the target range of 0.6783/98. The attempt of the Marlin oscillator to return to the positive territory will indicate the high probability of such a development.