FX.co ★ Forecast for AUD/USD on September 8, 2023

AUD/USD

Just two days ago, the Australian dollar broke below the lower band of a significant ascending price channel (in green). Instead of falling towards the target level of 0.6295, it consolidated below this channel and reached the target level of 0.6388.

In this case, it has abandoned this channel, and if the price manages to settle above 0.6388, this will be a condition for a bullish correction, as it will confirm the convergence between the price and the Marlin oscillator. Bullish targets are 0.6493 and 0.6570.

On the 4-hour chart, the price is trying to break above the consolidation, and the Marlin oscillator also intends to leave the negative territory. The first target is the MACD line around the 0.6448 level.