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

AUD/USD:

Yesterday, the Australian dollar couldn't hold above 0.6493 and even failed to close the day with a white candle, unlike other currencies. However, this morning, AUD/USD is leading gains as it aims for the target level of 0.6570.

Technically, the Marlin oscillator breaking into the uptrend territory is assisting this move. From a fundamental perspective, today's reports on industrial investment and construction are playing a role. China's official manufacturing PMI rose to 49.7 in August from 49.3 in July.

On the four-hour chart, the price is trying to stay above the 0.6493 level. The Marlin oscillator is rising in the positive territory. An uptrend, as we wait for the price at the nearest resistance level. The 0.6570 level is strong since the MACD line has already reached it on the daily chart.