FX.co ★ Forecast for AUD/USD on February 2, 2024

AUD/USD

Yesterday, the Australian dollar fell short by only 7 pips from reaching the target support at 0.6504, reversing its direction along with the rest of the market. This movement created weak convergence with the Marlin oscillator on the daily timeframe.

The price is currently approaching the level of 0.6617 (the peak on January 30), just above which the MACD indicator line is located. Overcoming such significant resistance will give the price an additional impetus to rise with a target of 0.6780. In today's Asian session, commodities and agricultural crops are rising, supporting the growth of the Australian dollar.

On the 4-hour chart, the price has settled above the MACD line, and the Marlin oscillator has crossed into the growth territory. We expect the positive trend to continue.