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

AUD/USD

We believe that a divergence has formed on the day chart, as the price pushes through the support level at 0.6751. The new target is 0.6690. The MACD line has already reached the level of 0.6627, and the second key target could be found somewhere around this area. Once the price overcomes this mark, the aussie can move towards 0.6444 (February low).

On the 4-hour chart, the price has already overcome the support of the MACD line and is now pushing through the support level at 0.6751. The Marlin oscillator was involved in pushing through the support on Monday, so now we see qualitative changes.

Yesterday, oil and copper prices started to get cheaper. China's third plenum meeting on reforms in tech, fiscal and tax systems, has warranted investor interest. Against this background, iron ore and other commodities are declining. So, we are waiting for the price to reach 0.6690.