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

Yesterday, the Australian dollar consolidated within a convenient range of 0.6691-0.6727. The lower shadow precisely worked out the support at 0.6691 but did not reach the MACD line. This is a sign of weakness of the corrective bounce, as the price did not receive additional momentum from the MACD line.

The Marlin oscillator is currently showing signs of a potential decline. While it is currently moving horizontally, a confirmation of a downward movement, possibly to 0.6570, would require the price to consolidate below 0.6691 and overcome the MACD line. An alternative scenario, a rise to the target level of 0.6874, could unfold if the price consolidates above 0.6801, a level it failed to breach on August 28-30.

The 4-hour chart shows no clear intention for the price to rise. On the contrary, the Marlin oscillator has the potential to turn downward from the zero line, keeping the price within the range of 0.6691-0.6727. Here, the price will comfortably meet the US employment data.