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AUD/USD
The Australian dollar, along with the general market, rose yesterday. The upper shadow tested the daily balance indicator line. The Marlin oscillator entered positive territory this morning. The price is aiming for the intersection point of the balance line and the MACD line around the 0.6556 mark (coinciding with the April 11th peak).
However, staying above the MACD line does not suggest further growth towards 0.6627, as was the case on April 9th. A return below 0.6480 would indicate a decline towards 0.6410. In the near future, the Australian dollar may drop to the target support of 0.6273 (October 2023 low).
On the 4-hour chart, the price continues to rise under pressure from the forming divergence with the Marlin oscillator. The level of 0.6556 could work out. Next, the price may form a consolidation range before falling below 0.6480. We expect the Australian dollar to move sideways and the situation to resolve next week.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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