17.10.202405:16 Forex Analysis & Reviews: Forecast for AUD/USD on October 17, 2024

Relevance up to 22:00 2024-10-17 UTC--4

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On Wednesday, the Australian dollar fell by 36 pips. However, during today's Pacific session, a substantial rise offset yesterday's decline. The AUD/USD pair has seemingly abandoned the idea of reaching the target support level at 0.6640 and has instead moved toward closing the gap from the beginning of the week.

The growth may continue up to the resistance of the MACD line on the daily chart (0.6777), which is very close to the 38.2% retracement level. We expect the price to reverse from this resistance to a new wave of decline.

On the 4-hour chart, the price is struggling with the resistance of the balance line. The Marlin oscillator has returned to positive territory. Its support is crucial for the price, as it faces two more resistances on its way to 0.6777—at the target level of 0.6727 and the MACD line (0.6747).

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