FX.co ★ Forecast for AUD/USD on January 29, 2024

AUD/USD

The Australian dollar has been moving strictly horizontally below the MACD line and below the target resistance of 0.6617 for the seventh day. Breaking above the resistance will evidently open the target of 0.6693 and then 0.6780.

The Marlin oscillator is full of optimism in realizing exactly this scenario for the Federal Reserve meeting this Wednesday. To break the main scenario, the price must overcome the support at 0.6504. In this case, the price could reach the target of 0.6410.

On the 4-hour chart, the price has risen above the balance indicator line. The Marlin oscillator has moved into the positive territory. In the event of a sideways trend in the short-term, the current signs of growth are not very effective, but nonetheless, they indicate the market's sentiment in anticipation of the Federal Reserve meeting. We are waiting for further developments.