12.07.202405:45 Forex Analysis & Reviews: Forecast for AUD/USD on July 12, 2024

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AUD/USD

By the end of Thursday, the Australian dollar formed a high upper shadow, which reached the December 26, 2023 low. But since this happened, we are slightly adjusting other target levels. The nearest support is 0.6751 – the January 5 peak. Consolidation below this level paves the way for the price to fall to 0.6690 – the resistance level from June 26, July 1, and December 4, 2023.

Once the price overcomes this support level, the bears will become more motivated to surpass 0.6627, which is supported by the MACD line. The price divergence with the Marlin oscillator is becoming stronger, but it needs another day. A break above 0.6799 would break the divergence and allow the price to continue to rise to 0.6874.

The divergence is ready on the 4-hour chart. The signal line of the Marlin oscillator has even moved into negative territory, which enhances the bearish momentum and helps the price overcome the support level of 0.6751. Consolidation below this level will mean surpassing the MACD line, opening the way to 0.6690.

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