15.08.202405:03 Forex Analysis & Reviews: Forecast for AUD/USD on August 15, 2024

Relevance up to 22:00 2024-08-15 UTC--4

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AUD/USD

On Wednesday, the Australian dollar reached the target level of 0.6640, reversed from it (as well as from the MACD line and the 61.8% Fibonacci level) downwards, and this morning reached the support at 0.6570. The rise was due to the release of employment data in Australia—58,200 jobs were created in Australia in July versus a forecast of 20,200, and the participation rate increased from 66.9% to 67.1%, which ultimately led to an increase in unemployment from 4.1% to 4.2%. However, investors reacted positively to the data overall. In addition, Japan's GDP for the second quarter grew by 3.1% compared to the expected 2.1%.

The price needs to overcome the strong resistance at 0.6640 for more substantial movement, at least to the target level of 0.6680. With raw materials still depreciating, this is only possible if the U.S. dollar weakens globally. Currently, it is in a neutral position.

In the 4-hour chart, the price is above the balance line (red moving average), and the Marlin oscillator has returned to the growth territory. As a result, the aussie is in a neutral range of 0.6570-0.6640. Therefore, a breakout beyond this range will determine its further movement.

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