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

AUD/USD

On Friday, the Australian dollar failed to stay above the target resistance of 0.6493 (August 24 peak) and closed the day with a black candle, down 32 pips. In general, the price can now test the support level at 0.6388, but the Marlin oscillator, which is trying to push through the zero line, indicates that the bulls still have the potential.

So, if the price manages to overcome 0.6493 through a consolidation, it will continue to rise to the 0.6570 target, where the MACD indicator line has already settled. If the price surpasses Friday's low at 0.6441, it will try to reach 0.6388, as it did on August 17 and 25.

On the four-hour chart, Friday's decline found support on the MACD line. The Marlin oscillator is not trying to rise, indicating a more bearish short-term potential. The price settling below the MACD line, which would also correspond to overcoming Friday's low, could restore the downward movement.