FX.co ★ Forecast for AUD/USD on May 8, 2024

AUD/USD

On May 3, 6, and 7, the Australian dollar broke above the resistance level of 0.6627 with the upper shadows of daily candles and, since this is a strong level, the aussie plummeted by 26 pips yesterday, and it fell by another 22 pips in today's Pacific session, reaching the balance indicator line.

The Marlin oscillator has moved downwards and is steadily approaching the border of the downtrend territory. Visually, this border will be tested when the price reaches the MACD indicator line (0.6545). A small correction is possible, after that we expect the price to move towards the target level of 0.6480.

On the 4-hour chart, the Marlin oscillator has moved into bearish territory, and the price is approaching the area of the MACD lines on both charts. If the price consolidates below the MACD line on the H4 chart, it will correspond to overcoming this line on the daily chart. We are monitoring the progress of the downtrend.