21.10.202404:44 Forex Analysis & Reviews: Forecast for AUD/USD on October 21, 2024

Relevance up to 22:00 2024-10-21 UTC--4

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This morning, the Australian dollar's exchange rate approached the resistance level of 0.6727, which coincides with the 23.6% Fibonacci retracement.

The resistance is proving strong, and breaking through it would allow an attempt to reach the MACD line at 0.6777, near the 38.2% retracement level. Surpassing this level opens the way to a target of 0.6827. At this point, the Marlin oscillator will encounter the growth territory's boundary, creating significant price challenges.

On the H4 chart, with support from the Marlin oscillator, which is rising in the positive area, the price has moved above the MACD line and is attempting to break through the resistance level at 0.6727. Consolidation above this level could trigger price attacks on several target resistances.

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