09.07.202405:16 Forex Analysis & Reviews: Forecast for AUD/USD on July 9, 2024

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AUD/USD

The divergence we expected on the daily chart is starting to materialize after the Australian dollar declined yesterday. A break below the 0.6730 support level opens up the target of 0.6690. From there, the price can continue to fall to 0.6627 (the peak from January 30).

In a few days, the MACD line will approach this level. Together, this line and the support level will prompt a correction. This main scenario will remain in play as long as the price does not consolidate above the resistance level of 0.6780. In that case, the next target will be 0.6874 (the peak from December 2023).

On the 4-hour chart, the price is slightly consolidating above the support level of 0.6730, likely waiting for support from the Marlin oscillator when it moves into negative territory and pulls along hesitant bears. The intermediate level on the way to 0.6690 is the MACD line around the 0.6713 mark, coinciding with the low from July 5.

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