FX.co ★ Forecast for AUD/USD on September 28, 2023

AUD/USD

Yesterday, the Australian dollar dipped below the target level of 0.6388, under pressure from the balance indicator line (red moving average). Even if the price consolidates below 0.6388, this doesn't confirm if the pair will fall further as we'll likely see a budget crisis in the United States starting from October 2nd.

Former US President Donald Trump urged Republicans not to back down before a shutdown and to pursue their goals. Current President Joe Biden acknowledged that he does not see a way out of the situation. The Marlin oscillator is not in a rush to delve deep into bearish territory, and this possibly indicates that the initial decline could be a false move. If the price consolidates above 0.6388, the first target will be 0.6514, and then 0.6612.

On the 4-hour chart, there is a convergence between the price and the Marlin oscillator. The behavior of the indicator lines is unremarkable. We can only wait for Monday. However, market participants are currently responding to the latest economic reports. Today, AUD/USD climbed after the release of retail sales data for August, which was up by 0.2%, and an increase in business confidence from ANZ for September, which increased from -3.7 to 1.5.