FX.co ★ Forecast for AUD/USD on July 5, 2024

AUD/USD

The Australian dollar has risen above the resistance level of 0.6730, fulfilling the condition for a divergence with the Marlin oscillator on the intraday timeframe. Without breaking the divergence's potential to reverse, the price may still rise to the target level of 0.6780.

Consolidating above 0.6780 will lead the price to the second target level of 0.6874, which corresponds to the peak of December 28, 2023. If the divergence overpowers the growing trend from the current levels, then once the price moves below the support levels at 0.6690 and 0.6627, we expect the price to reach 0.6467.

On the 4-hour chart, the price has consolidated above the level of 0.6730, while the Marlin oscillator moves sideways. We will find out after tonight's release of the US labor data whether the upward trend will get weaker following the oscillator or if it will actually gain new momentum.