FX.co ★ Forecast for AUD/USD on August 17, 2023

AUD/USD

After a series of nine black daily candles, the Australian dollar overcame a strong support level this morning, formed by the price channel line of the monthly time frame and the target level of 0.6388 (November 10th, 2022 low).

The reason for the breakthrough was today's downbeat Australian jobs data. The unemployment rate increased to 3.7% in July, against the previous reading of 3.5%. The next target is 0.6295.

On the four-hour chart, the price was continuously falling below the MACD indicator line. The price will probably distance itself from this line. After the price consolidates below 0.6388, the AUDUSD will accelerate its decline. The Marlin oscillator is already changing its trajectory to a steeper one.