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

AUD/USD

On Friday, the Australian dollar again, as in the last three days, tried to reach the target resistance at 0.6570 but failed. This morning, the price is already attacking the support at 0.6482. But for now, this only shows the intention.

The Marlin oscillator is moving in a narrow sideways range, and the price is consolidating above the 0.6482 level. Breaking through this level would open up a target at 0.6444. Subsequently, the price will try to extend its decline to the target level of 0.6365 – the April 19 low. On the 4-hour chart, the price is pressing against the support at 0.6482 by the balance and MACD indicator lines.

The Marlin oscillator converges into a neutral range wedge (around the zero line). The breakout from the wedge will most likely be downwards. However, if it is a bullish breakout above the price of 0.6540, then the 0.6570 level will be attacked. A consolidation above it would allow the price to advance towards 0.6640 and also to the MACD line on the daily chart.