empty
 
 
24.07.2024 04:55 AM
Forecast for AUD/USD on July 24, 2024

AUD/USD

The Australian dollar consolidated below the MACD line on the day chart and has almost settled below the target level of 0.6627. Falling commodity prices are pushing commodity currencies down, but after successfully breaking through the consolidation range of 0.6627/90, the price has entered a new range of 0.6578–0.6627.

This image is no longer relevant

Here, the price may wait for the Federal Reserve meeting (on July 31) and then move towards 0.6444 (the low of February 13). It is possible that the price might retest the MACD line from below (0.6647—the peak of April 9), which overall also aligns with a wait-and-see mode.

This image is no longer relevant

On the 4-hour chart, Marlin rose throughout yesterday, which may signal a potential upcoming correction. Overall, since yesterday, the Australian dollar has been on track for a medium-term decline, roughly to the level of 0.6171—the low of October 2022.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $4000 more!
    In July we raffle $4000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback