FX.co ★ Forecast for AUD/USD on September 6, 2023

AUD/USD:

In light of yesterday's Reserve Bank of Australia meeting, which left the interest rate unchanged and mentioned economic risks, the Australian dollar lost 1.29% (82 points). The AUD/USD pair overcame the lower band of the global price channel (green) and the target support at 0.6388. Today's GDP data for the second quarter, which came in at 0.4% versus an expected 0.3%, didn't help the aussie.

With this momentum and technical inputs, the price will likely fall towards the next nearest support at 0.6295. A breakthrough paves the way for the pair to reach the target at 0.6171 (October 2022 low).

The only question is whether there will be a retest of the lower band of the price channel. The Marlin oscillator intends to form a convergence, but we can only confirm the final picture later on.

On the 4-hour chart, the price has firmly settled below the 0.6388 level (there was no breakout above the level after the initial breakthrough), and the MACD line is turning down, indicating the direction of the short-term trend (up to 2 weeks). The Marlin oscillator is close to the oversold territory but has not reached it yet. The price can still reach the nearest support.