03.09.202404:51 Forex Analysis & Reviews: Forecast for AUD/USD on September 3, 2024

Relevance up to 22:00 2024-09-03 UTC--4

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.

The Australian dollar is consolidating below the resistance level of 0.6801 for the seventh day. During this time, the Marlin oscillator is declining. The consolidation pattern resembles a zigzag with a peak on August 29, which could indicate a reversal formation.

We expect the price to move towards the first support level at 0.6727. After that, struggling with the support at 0.6691, reinforced by the MACD line, is likely to follow. On the 4-hour chart, the price again consolidated below the balance line, and the signal line of the Marlin oscillator has turned away from the neutral zero line.

Commodities and metals show no desire to realize growth potential, depriving the Australian currency of external support.

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.