01.10.202404:51 Forex Analysis & Reviews: Forecast for AUD/USD on October 1, 2024

Relevance up to 22:00 2024-10-01 UTC--4

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The Australian dollar continues its growth for the 4th session in a row. Today, it faces an important task – overcoming the resistance level of 0.6933 to have the potential to rise to 0.7014. The potential divergence with the Marlin oscillator is fading away. Marlin, currently moving horizontally, appears poised to resume its upward movement.

A successful close above 0.6933 today could signal a continuation of the Australian currency's upward trend.

The four-hour chart shows a short-term price consolidation in front of the 0.6933 resistance.

The development occurs above both indicator lines, and the Marlin oscillator turns around as it approaches the boundary of the downward trend, maintaining interest in upward movement. It is possible that today, on the H4 chart, the price will consolidate above this relatively strong resistance.

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