23.10.202405:13 Forex Analysis & Reviews: Forecast for AUD/USD on October 23, 2024

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Yesterday, the Australian dollar rose by 22 pips. The support at 0.6640 remained untested, which helped form a clear ascending price channel (green in color). A minor convergence also formed on the daily chart, which aims to push the price above the nearest resistance at 0.6727, potentially triggering a move towards the MACD line (0.6777).

If the price is aiming for a neutral state as the date of the U.S. presidential elections approaches, this neutral area could be the central line of the local channel, around the 0.6885 mark, suggesting a range of 0.6827/85. The expected range could be lower, but overall, we observe a tendency for the price to rise.

On the H4 chart, the price has consolidated above the MACD indicator line. The Marlin oscillator is attacking the zero line, pushing the price closer to 0.6727. This resistance level nearly coincides with the high from October 21—making it significant.

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