30.04.202405:52 Forex Analysis & Reviews: Forecast for AUD/USD on April 30, 2024

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AUD/USD

Yesterday, the Australian dollar surpassed the MACD line and the balance line at their intersection point, which shows the bulls' strength. Moreover, the aussie showed strength on increased trading volumes over the past three days. In addition, the Marlin oscillator is consolidating in positive territory.

Only one thing is missing in order to rise towards the target level of 0.6627 – a price consolidation above the level of 0.6554. For this to happen, the current daily candle must close above the MACD line. If this happens, by Thursday, we can expect the price to surpass Monday's peak as well as a continuation of the uptrend.

Tomorrow, European markets are closed for a holiday. However, recent events regarding the yen, and Japan celebrating its own holiday yesterday, indicate that American speculators are ready to be active in thin market conditions.

A divergence has formed on the 4-hour chart, with the signal line in negative territory. There is a risk of the price consolidating below the daily MACD line, in which case yesterday's breakout above the MACD line would prove to be a false signal, and the price could drop below 0.6410. We're waiting for some clarification in the thin market.

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