FX.co ★ Forecast for AUD/USD on October 29, 2024

Yesterday, the Australian dollar couldn't rally like European currencies due to a sharp drop in commodity prices (oil -1.18%). Investors were also unsettled by the rise to power of the Liberal National Party in Queensland (D. Crisafulli, with elections held over the weekend), which, through its policies, downplays official inflation by excluding certain compensations for gas usage and other utilities. As a result, investors believe that the Reserve Bank of Australia may begin lowering rates sooner.

The Australian dollar nearly reached its target support at 0.6570. As the Marlin oscillator begins to turn upward, the price may rebound from this level into a correction. The fact that the price hasn't broken below the 0.6570 support makes rising to the first level at 0.6640 easier.

On the four-hour chart, the price and oscillator have formed a convergence. The nearest signal resistance, a break of which would signal the price's determination and readiness to continue upward toward 0.6640, is the MACD line around the 0.6603 mark.