18.10.202305:27 Forex Analysis & Reviews: Forecast for AUD/USD on October 18, 2023

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

AUD/USD

Yesterday, the Australian dollar rose by 23 pips and came very close to the target resistance level at 0.6388. The Marlin oscillator is close to the zero line, creating a good chance for a bullish breakout. If the price surpasses 0.6388, the next target is 0.6448 - the MACD line on the daily chart. Overcoming this line will open up the target at 0.6514.

A brief downward move may occur when the price surpasses yesterday's low at 0.6335. The safe drop limit is the support level at 0.6595. If the price continues to stay below that mark, the next target will be 0.6171 (the low of October 13, 2022).

On the 4-hour chart, the price is trying to rise above the MACD indicator line again, as the Marlin oscillator's signal line is already above the zero line. The main scenario is for the pair to move higher.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.