02.05.202405:02 Forex Analysis & Reviews: Forecast for AUD/USD on May 2, 2024

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AUD/USD

Yesterday, the Australian dollar failed to consolidate below the support it reached at 0.6480, hindered by neighboring currencies that rallied following the Federal Reserve meeting. The price stopped rising due to the balance indicator line on the daily chart. The Marlin oscillator slightly crossed the boundary into the uptrend territory but may eventually return to negative territory.

Today, the price will likely strive to return to the support at 0.6480. The US employment data will be released tomorrow, and the aussie has the opportunity to to test the support at 0.6410. But this is just one scenario—the primary one. An alternative scenario involves the price consolidating above the MACD line (0.6548), and it could further rise towards the target level at 0.6627.

On the 4-hour chart, the price also stopped rising at the balance indicator line. Marlin is currently in the lower half—within the downtrend territory. Today, we expect the price to approach the support at 0.6480. Tomorrow, we will find out whether these attempts will help the price in realizing the main plan.

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