16.05.202405:20 Forex Analysis & Reviews: Forecast for AUD/USD on May 16, 2024

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AUD/USD

Yesterday, the Australian dollar strengthened along with other commodity-linked currencies, covering the entire range of target levels between 0.6627 and 0.6690.

In today's Asian session, the price even tried to reach the target level of 0.6730. However, it failed due to the release of Australia's unemployment data, which increased from 3.9% to 4.1%. Nevertheless, we expect the price to reach this target level after the current correction. Once the aussie hits 0.6730, it will likely reverse into a medium-term decline, in synch with European currencies.

On the 4-hour chart, the price dropped below the support level of 0.6690, and the Marlin oscillator turned into a local correction. The MACD line at 0.6642 serves as support for the correction.

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