09.09.202404:47 Forex Analysis & Reviews: Forecast for AUD/USD on September 9, 2024

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

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

On Friday, the Australian dollar dropped by 70 pips with the help of falling commodity prices. A strong support level at 0.6691 and the daily MACD line were breached. The Marlin oscillator has entered the downtrend territory. The price's task is to work out the support at 0.6640.

There remains the possibility of the price breaking above the resistance at 0.6691, but if it does, it will be short-lived as it will occur within a correction. Breaching the 0.6691 level is unlikely to pass without a trace for the bulls.

In the 4-hour chart, the price consolidated below the 0.6691 level, but the bears are hindered by the price's convergence with the Marlin oscillator. This pattern may push the price above the resistance level, but as we mentioned, only for a short time.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.