FX.co ★ Forecast for AUD/USD on October 30, 2023

AUD/USD

The Australian dollar seems confident compared to other commodity-related currencies in its battle against the US dollar, as it continues to rise for the third day.

On the daily chart, the signal line of the Marlin oscillator is starting to move into the positive territory to provide better support for the price in overcoming the resistance level at 0.6388 and 0.6412 (MACD line). Breaking the latter level opens up the target of 0.6514 and the prospect of medium-term growth (above 0.6897).

If the price consolidates below 0.6295, it would allow the price to aim for 0.6171, but this is an alternative scenario.

On the 4-hour chart, the price has settled above both indicator lines, where it rebounded from the MACD line (indicated by the arrow) on Friday. At the same time, the signal line of the Marlin oscillator ascended from the zero line. We are monitoring the pair's potential to rise.