12.02.202406:00 Forex Analysis & Reviews: Forecast for AUD/USD on February 12, 2024

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AUD/USD

At the end of last week, the Australian dollar did not consolidate below the level of 0.6504, abandoning attempts that it started on February 2.

Now the price will try to settle above support, this means closing the day above this level, and the pair may continue to rise towards the target level of 0.6627, near which the MACD indicator line of the daily scale is located. A convergence between the price and the Marlin oscillator is in place.

On the 4-hour chart, there is a minor obstacle that prevents the price from quickly developing growth – the resistance of the MACD line. Obviously, for a successful start, the price needs to settle above this line, above Friday's high of 0.6537. Marlin is rising in the positive territory. The bullish scenario has the advantage.

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