FX.co ★ Forecast for AUD/USD on October 24, 2023

AUD/USD

On Monday, the Australian dollar tested the support level at 0.6295 once again, and after bouncing off it, confidently moved towards the target level at 0.6388. US stock markets closed mixed yesterday, showing signs of a reversal into an upward correction.

The Australian dollar, as a risk currency, is ready to catch this growth. If the price can overcome the resistance at the MACD line (0.6430), it will rally towards the target level at 0.6514. But this will depend on the US dollar's situation.

On the 4-hour chart, the price has risen above the MACD indicator line, although it has yet to consolidate. However, consolidating above the balance line suggests an impending success in maintaining its upward positions. The Marlin oscillator has settled in the bullish territory, reinforcing the uptrend.