FX.co ★ Forecast for AUD/USD on May 28, 2024

AUD/USD

Yesterday, the Australian dollar surpassed the target range of 0.6627/51, and it continues to rise in today's Asian. The next target level is 0.6690. The Marlin oscillator is rising, which supports the pair's bullish potential.

The level of 0.6651 is intermediate in nature, but if the price returns below this mark and consolidates, the aussie could drop below the support at 0.6627, which means that the next target will be 0.6557 – the MACD line. On the 4-hour chart, the price has settled above 0.6651 and is approaching the MACD line at 0.6671.

Here, the price needs to confirm its potential to rise, as the pair showed strength amid yesterday's thin trading. If the price fails to do so and falls below 0.6651, especially if accompanied by the Marlin oscillator, then yesterday's rise could be the last day of growth for this week.