04.12.202405:25 Forex Analysis & Reviews: Forecast for AUD/USD on December 4, 2024

Relevance up to 21:00 UTC--5

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The Australian dollar is simultaneously testing the 0.6482 support level on the daily chart while the Marlin oscillator moves sideways along the neutral zero line.

Both the price and the oscillator are preparing for a downward move. This suggests a possible decline toward 0.6351, the low from August 5.

An alternative scenario, where the pair tests 0.6570, could occur if the price consolidates above 0.6482, though this is unlikely to happen before Thursday or Friday.

The price has decisively broken through the 0.6482 support level and the MACD line on the four-hour chart. The Marlin oscillator has firmly turned downward from the zero line. The nearest target is 0.6410.

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