28.08.202405:07 Forex Analysis & Reviews: Forecast for AUD/USD on August 28, 2024

Relevance up to 22:00 2024-08-28 UTC--4

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The Australian dollar has been consolidating below the 0.6801 level for the third day, which coincides with the peaks of July and August. The Australian dollar still has three days to update the peak of the current month, but given that it is a strong level, and the next target at 0.6874 is quite high, and external markets are not in a hurry to surpass their record highs, the struggle with this resistance even for speculative interests seems unlikely.

The Marlin Oscillator feels this pressure and turns downward. To relieve the tension, it would be convenient for the price to drop to the support at 0.6727 and reassess its strength there. Support from the MACD line may also come into play.

In the 4-hour chart, the MACD line has already approached the price. If the price consolidates below it, under the 0.6773 mark, it will be a sign that the price is set to test 0.6727. On the contrary, if the price consolidates above 0.6801, it will be an uncertain sign of further growth.

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