FX.co ★ Forecast for AUD/USD on March 1, 2024

AUD/USD:

Yesterday, the Australian dollar's upper shadow reflected downwards from the balance indicator line, returned to the area below the level of 0.6504, and settled below it. In today's pacific session, the price is attempting to rise back above this level. This is supported by the Marlin oscillator, whose signal line is turning upwards from the zero line (green arrow).

Consolidation above the level (which may not happen until we reach Monday) could bring the price back up with a target at the level of 0.6627.

On the 4-hour chart, the MACD line became an obstacle to yesterday's upward movement. The Marlin oscillator indicates a desire to quickly move into the bullish territory.

The MACD line (0.6534) is still under threat. If the price overcomes this, it could further rise to 0.6627.

If the price decides against further growth, consolidates below 0.6504, surpasses yesterday's low at 0.6489, then it may continue to fall according to the main scenario, aiming for 0.6410.