FX.co ★ Forecast for AUD/USD on October 10, 2023

AUD/USD

Yesterday, the Australian dollar rallied by breaking through the significant resistance level at 0.6388 and the balance line on the daily chart. The price is quickly approaching the MACD line at 0.6470, and it seems like the price will surpass this mark, given the strong convergence with Marlin pushing the price higher.

The 0.6514 level appears to be the primary resistance level, marking the upper band of the sideways trend between 0.6388 and 0.6514. A break above this level will open the path for further growth towards 0.6612.

On the 4-hour chart, the price has consolidated above both indicator lines, and the Marlin oscillator has strengthened its upward momentum after reversing from the trendline (arrow).