09.08.202405:06 Forex Analysis & Reviews: Forecast for AUD/USD on August 9, 2024

Relevance up to 22:00 2024-08-09 UTC--4

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Yesterday, the Australian dollar significantly grew, overcoming resistance at 0.6570 and the 50.0% Fibonacci retracement. Now, the pair is expected to sustain its growth to the 61.8% corrective level near the resistance of the MACD line and the target level of 0.6640.

Although the Marlin oscillator is rushing to rise, it is still in negative territory, which could push the price below the levels it overcame yesterday. A reversal and stabilization of the price below 0.6570 would return it to 0.6482. A break above yesterday's high would signal sustained growth.

In the 4-hour chart, the price has managed to stabilize above 0.6570. Marlin is in a rising position, indicating a potentially bullish situation. Given the distribution of forces across both scales, further growth is likely.

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