FX.co ★ Forecast for AUD/USD on March 13, 2024

AUD/USD

Over the past 24 hours, the Australian dollar has settled below the MACD indicator line, and the Marlin oscillator is headed downwards. It would seem that the price could return to the support at 0.6480, but two failed attempts to settle above 0.6627 on March 8th and 12th are being interpreted as a consolidation over the past two days, as the price tries to climb above this level. The target will be 0.6693.

On the 4-hour chart, the price is progressing between the balance and MACD indicator lines, which points to a correction. The Marlin oscillator is in negative territory, suggesting a possible test of the MACD line (0.6577), after which we might witness a reversal into a new wave of growth.

A consolidation below the MACD line would be the first signal for a short-term decline, with the target set at 0.6480.