11.10.202407:27 Forex Analysis & Reviews: Forecast for AUD/USD on October 11, 2024

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The Australian dollar became tired of waiting for a reversal from the euro and the pound and decided to take the lead itself. This decision was bolstered by the recovery in commodity markets. Currently, the price is testing the resistance level defined by the daily balance indicator line. The MACD line is slightly higher (0.6775), and a break above this level would set a target of 0.6827.

Investors are anticipating new stimulus measures from China during the upcoming weekend. The Australian dollar may react to them with growth; the magnitude of this appreciation will depend on the specific measures implemented.

On the four-hour chart, the Marlin oscillator has settled in the zone of an upward trend. The price is consolidating before a potential breakout above 0.6775. The balance indicator line is also nearby.

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