logo

FX.co ★ Forecast for AUD/USD on May 16, 2024

Forecast for AUD/USD on May 16, 2024

AUD/USD

Yesterday, the Australian dollar strengthened along with other commodity-linked currencies, covering the entire range of target levels between 0.6627 and 0.6690.

Forecast for AUD/USD on May 16, 2024

In today's Asian session, the price even tried to reach the target level of 0.6730. However, it failed due to the release of Australia's unemployment data, which increased from 3.9% to 4.1%. Nevertheless, we expect the price to reach this target level after the current correction. Once the aussie hits 0.6730, it will likely reverse into a medium-term decline, in synch with European currencies.

Forecast for AUD/USD on May 16, 2024

On the 4-hour chart, the price dropped below the support level of 0.6690, and the Marlin oscillator turned into a local correction. The MACD line at 0.6642 serves as support for the correction.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
Go to the articles list Go to this author's articles Open trading account