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

AUD/USD:

The Australian dollar returned above the key level of 0.6560 this morning. Yesterday, it settled below this mark. Now, it intends to attack the MACD line around the 0.6636 mark, as the Marlin oscillator has sharply turned upwards.

Staying above 0.6635 opens up a higher target level at 0.6783/98. As it moves higher, intermediate resistance is found at 0.6719 - the nearest local extremes. If it falls below yesterday's low, it may try to fall to the support level at 0.6388.

On the 4-hour chart, the Marlin oscillator is rising ahead of the price and is already attacking the bullish territory. The market sentiment is positive. The target range of the nearest resistance level at 0.6625/36 looks significant, but there is considerable growth potential. The release of US employment data can boost this potential.