FX.co ★ Forecast for AUD/USD on May 6, 2024

AUD/USD

On Friday, the Australian dollar climbed above the resistance level of 0.6627, as it previously did on March 8, March 21, and April 9. And until the price consolidates above this resistance, it is unlikely to rise to 0.6690.

There is a 65% chance that the AUD/USD pair will reverse towards the MACD line (0.6548), and a consolidation below this mark will open up the target support at 0.6480.

On the 4-hour chart, the price is consolidating below the level of 0.6627. The Marlin oscillator is repeating the price movements, but it may lead the downward movement.

The first and crucial support is the level of 0.6548 – the MACD line on the daily chart, with the MACD line approaching it on the 4-hour chart. A simultaneous price drop below these lines could push the Australian dollar further.