FX.co ★ Forecast for AUD/USD on August 19, 2024

On Friday, the Australian dollar went above the resistance level of 0.6640 and the MACD line (blue moving average). Today's session opened above the balance indicator line and has already reached the resistance at 0.6691 (the peak from June 26).

A break above this level will allow the price to aim for the next level at 0.6727 and reach the upper boundary of the descending price channel around 0.6757. The daily Marlin oscillator is firmly moving upward.

In the 4-hour chart, the price continues to rise above the balance and MACD indicator lines.

Marlin is moving upwards after a minor consolidation at the zero line (highlighted with a gray rectangle). The initial momentum has been achieved; the Australian dollar now needs to solidify this by overcoming the resistance level at 0.6691.