05.03.202406:44 Forex Analysis & Reviews: Forecast for AUD/USD on March 5, 2024

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AUD/USD

On Monday, the Australian dollar did not share the optimism of other commodity currencies and fell by 16 pips. The balance indicator line impeded the pair's attempts to rise. This morning, the price is trying to test the support at 0.6504.

Consolidation below this level will open the target at 0.6410. The Marlin oscillator also does not share optimism about growth and is preparing to move into negative territory. The upward movement could start if the pair overcomes yesterday's high at 0.6538.

On the 4-hour chart, the price is falling below the balance and MACD lines. Marlin is piercing the border of the downtrend territory. The short-term trend is bearish. According to the main scenario, we expect the price to consolidate below 0.6504.

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