FX.co ★ Forecast for AUD/USD on April 12, 2024

AUD/USD

The Australian dollar rose by 24 pips after the European Central Bank's unconvincing meeting, with its peak reaching the balance indicator line on the daily chart. The price currently remains below the balance line, maintaining market interest in the downward movement.

The support at 0.6480, as the lower boundary of a three-month range, remains untouched, as does the lower boundary of the descending Marlin oscillator channel. We believe that the upcoming movement will see the price break below this support level, and Marlin will leave the channel. The target is 0.6410.

On the 4-hour chart, the price stopped at the MACD line. The price may rise further once the price consolidates above this line, above the level of 0.6552, where it will subsequently encounter the MACD line on the daily chart (0.6592).