FX.co ★ Forecast for AUD/USD on February 16, 2024

AUD/USD

The AUD/USD pair has been rising in the last two days, supported by a double convergence with the Marlin oscillator on the daily chart. In terms of dynamics, the gains (80 pips) were clearly small for a double convergence, so we can expect the pair to rise further. However, the double divergence fits into the usual ascending channel of the oscillator, and it may not develop further.

Currently, the signal line of the oscillator is turning down from the upper boundary of this channel. If the price consolidates below the level of 0.6504, it will confirm this reversal and open the target of 0.6410.

On the 4-hour chart, the price is turning down from the balance and MACD lines. The Marlin oscillator is ready to enter the bearish territory. This will happen if the price breaks below the support at 0.6504. If the pair settles below this level, the next target will be 0.6410.