FX.co ★ Forecast for AUD/USD on May 24, 2024

AUD/USD

On Thursday, along with the decline in stock indexes, prices for key Australian export commodities, including copper and iron ore, also fell. As a result, the AUD/USD pair's initial attempt to start a rally failed, and the quote closed the day down by 11 pips.

On the daily chart, it is clear that the upper shadow of the candlestick tested the intermediate level of 0.6651, but the day ultimately closed fully below the target level of 0.6627. The signal line of the Marlin oscillator is trying to push into the area of the downtrend. The Marlin will likely succeed, and the price will get an incentive to test the nearest support at 0.6552 – the MACD line.

On the 4-hour chart, the price has also consolidated below the support level of 0.6627, which has now become resistance. The MACD line and the balance line have turned downwards, indicating that the short- and medium-term trends have shifted to a decline. The Marlin oscillator continues to move deeper into the downtrend territory. We expect the price to reach the first target of 0.6552. Consolidation below this level will open the path to the second target of 0.6480 – a strong support level since the beginning of the year.