FX.co ★ Forecast for AUD/USD on October 1, 2021

AUD/USD

Yesterday, the Australian dollar confidently went ahead of the events of the foreign exchange market. The US dollar index weakened 0.1% and the Australian dollar gained 0.71% on Thursday, with commodities almost standing still. The bond market pressure eased, the yield on 5-year US government bonds fell from 0.995% to 0.971%, the trend continues in today's Asian session.

The price is trying to overcome the resistance of the MACD indicator line on the daily chart. An indicator of such a struggle is the Marlin Oscillator, which is rising in the negative zone. The price growth and potential (by the Oscillator) are still weak. To strengthen this potential, the price should consolidate above the MACD line (0.7240). Further growth to the range of 0.7340 / 90 is likely.

On the four-hour chart, the price is fighting the resistance of the MACD line in the same way. The coincidence of the indicator line of different time frames at the same price significantly enhances the level. Accordingly, overcoming the 0.7240 mark will be an unambiguous indicator of price strength. The Marlin Oscillator has already approached the border with the area of the rising trend. The synchronicity of the price transition above a strong technical level with the transition of the Oscillator to the zone of positive values is an indicator of a strong price potential. We are waiting for the development of events.