FX.co ★ Forecast for AUD/USD on October 18, 2023

AUD/USD

Yesterday, the Australian dollar rose by 23 pips and came very close to the target resistance level at 0.6388. The Marlin oscillator is close to the zero line, creating a good chance for a bullish breakout. If the price surpasses 0.6388, the next target is 0.6448 - the MACD line on the daily chart. Overcoming this line will open up the target at 0.6514.

A brief downward move may occur when the price surpasses yesterday's low at 0.6335. The safe drop limit is the support level at 0.6595. If the price continues to stay below that mark, the next target will be 0.6171 (the low of October 13, 2022).

On the 4-hour chart, the price is trying to rise above the MACD indicator line again, as the Marlin oscillator's signal line is already above the zero line. The main scenario is for the pair to move higher.