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09.08.2024 05:06 AM
Forecast for AUD/USD on August 9, 2024

Yesterday, the Australian dollar significantly grew, overcoming resistance at 0.6570 and the 50.0% Fibonacci retracement. Now, the pair is expected to sustain its growth to the 61.8% corrective level near the resistance of the MACD line and the target level of 0.6640.

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Although the Marlin oscillator is rushing to rise, it is still in negative territory, which could push the price below the levels it overcame yesterday. A reversal and stabilization of the price below 0.6570 would return it to 0.6482. A break above yesterday's high would signal sustained growth.

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In the 4-hour chart, the price has managed to stabilize above 0.6570. Marlin is in a rising position, indicating a potentially bullish situation. Given the distribution of forces across both scales, further growth is likely.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2024
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