FX.co ★ Forecast for AUD/USD on August 10, 2023

AUD/USD

The Australian dollar experienced a false breakout of the 0.6516 signal level on Tuesday, followed by a breach of the upper resistance shadow at 0.6560 on Wednesday. This morning, the price is approaching this resistance level again.

As a result, convergence between the price and the oscillator has formed on the daily chart. Consequently, the next price transition above 0.6560 could be valid, leading to further growth towards the MACD line at 0.6630.

On the four-hour chart, convergence has also developed. All these events are currently unfolding below the balance indicator line. The aussie faces a difficult task – to overcome the balance line, the target level of 0.6560, and the MACD line at 0.6583.