01.08.202405:27 Forex Analysis & Reviews: Forecast for AUD/USD on August 1, 2024

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AUD/USD

Yesterday's distinctly marked level of 0.6482, which was the day's low and strong support on April 1 and March 5, led to a revision of other target levels with a range of 300 pips, but overall, the downtrend remains intact.

As of this morning, the price continues to consolidate below the 0.6570 level but intends to break through 0.6444 (the February low). If the price consolidates below this level, it will continue to fall towards 0.6365.

On the 4-hour chart, the price and the Marlin oscillator have formed a convergence, complicating their downward movement. However, it is likely that the aussie is not in a hurry to anticipate events before the release of U.S. employment data tomorrow. The MACD line supports the 0.6570 resistance. We expect the pair to move sideways.

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