22.08.202407:07 Forex Analysis & Reviews: Forecast for AUD/USD on August 22, 2024

The Australian dollar has reached the upper boundary of the descending price channel. The Marlin oscillator on the daily chart is starting to turn downward. The price may not rise further and could reverse into a deep correction below the 0.6640 level, which would also mean falling below the MACD line, even if there is a potential continuation of the uptrend. In this case, breaking through the MACD line would be a false breakout.

For the price to continue its upward trajectory from current levels, it must consolidate above the 0.6800 level. This scenario has a 40% probability, as the price is currently above 0.6727, and the MACD line has turned upward.

In the four-hour chart, the price consolidates above the breached level, with the Marlin oscillator declining with the intention of easing and resuming upward movement.

A safe correction for growth may extend to the 0.6691 level, which is approaching the MACD line. If the price consolidates below this level, it would also mean consolidating below the MACD line, signaling a move toward the 0.6640 support, which the MACD line has already reached in the daily chart.