16.12.202404:51 Forex Analysis & Reviews: Forecast for AUD/USD on December 16, 2024

Relevance up to 21:00 2024-12-16 UTC--5

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Under the influence of double convergence on the daily chart, the Australian dollar is attempting to initiate growth this morning from the support level of 0.6351.

The target level of 0.6410 no longer appears as insurmountable as it did on December 12. The longer the price remains within the 0.6351–0.6410 range, the easier it will be to break out of the descending green price channel. If the price shows strength, it may attempt to test the first resistance. However, Wednesday's Federal Reserve rate decision and Thursday's Bank of Japan and Bank of England updates could weigh on the market. Therefore, range-bound trading appears to be the best strategy until Wednesday.

On the four-hour chart, the Marlin oscillator is testing the boundary of the growth territory. On Friday, it failed to move out of the negative zone due to resistance from the balance indicator line, but today, the balance line is rising, reducing resistance. The price is aiming to test the strength of the 0.6410 target level.

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