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08.04.202405:10 Forex Analysis & Reviews: Forecast for AUD/USD on April 8, 2024

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AUD/USD

After the Australian dollar failed to test the resistance of 0.6627, it returned to the area below the MACD indicator line, and consolidated. In today's Pacific session, the price is struggling with the support of the balance indicator line.

If it succeeds in testing today's low at 0.6562, this will greatly help in pushing the price towards the target level of 0.6480. While there is no such signal, the price may continue to move sideways under the MACD line (0.6600). Overcoming the resistance will once again open the target at 0.6627. But until it overcomes this mark, it is too early for us to expect the price to rise to 0.6693.

On the 4-hour chart, the leading Marlin oscillator slowed down its downward movement before the border of the downtrend territory. Taking advantage of this moment, the price rose slightly, entering into consolidation. We are waiting for developments.

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