FX.co ★ Forecast for AUD/USD on March 7, 2024

AUD/USD

The Australian dollar has been actively responding to a new wave of increased risk appetite both yesterday and in today's Pacific session; on Wednesday, the S&P 500 gained 0.51%, oil rose by 1.16%, and copper was up by 0.63%. From a technical perspective, the price moved up from the support level at 0.6504, surpassed the balance indicator line, and with the support of the rising Marlin oscillator, continues to climb.

The aussie is aiming for 0.6627, which corresponds to the peak on January 30. The daily MACD indicator line is already heading towards this level.

On the 4-hour chart, the price is rising after consolidating above both indicator lines, with Marlin rising in the uptrend territory. We expect the AUD/USD pair to rise further.