07.08.202405:17 Forex Analysis & Reviews: Forecast for AUD/USD on August 7, 2024

Relevance up to 22:00 2024-08-07 UTC--4

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AUD/USD

On Monday, the Australian dollar reached the target level of 0.6365 in three hours and then returned to its original position in seven hours. On Tuesday, the reverse process began—a rise, thanks to a somewhat hawkish mood of the Reserve Bank of Australia, whose meeting was held that day. Today, the aussie continues to rise towards the target level of 0.6570.

Here, the price will face its first serious test of all its bullish capabilities. The challenge is that the Marlin oscillator is currently rising ahead of the price and may quickly reach the border of the upward trend territory, from which it may turn downwards and pull the price along with it.

If the price exceeds 0.6570 and Marlin moves into positive territory, the aussie will reach the target of 0.6640, which is near the MACD line. Here, the correction will be about 61.8%. From here, a new wave of medium-term decline may develop.

On the 4-hour chart, the price has consolidated above the balance and MACD indicator lines. The Marlin oscillator is in a stable rising position. The first signal for growth to 0.6640 will be the price consolidating above the nearest resistance at 0.6570.

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