05.07.202405:15 Forex Analysis & Reviews: Forecast for AUD/USD on July 5, 2024

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

AUD/USD

The Australian dollar has risen above the resistance level of 0.6730, fulfilling the condition for a divergence with the Marlin oscillator on the intraday timeframe. Without breaking the divergence's potential to reverse, the price may still rise to the target level of 0.6780.

Consolidating above 0.6780 will lead the price to the second target level of 0.6874, which corresponds to the peak of December 28, 2023. If the divergence overpowers the growing trend from the current levels, then once the price moves below the support levels at 0.6690 and 0.6627, we expect the price to reach 0.6467.

On the 4-hour chart, the price has consolidated above the level of 0.6730, while the Marlin oscillator moves sideways. We will find out after tonight's release of the US labor data whether the upward trend will get weaker following the oscillator or if it will actually gain new momentum.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.