29.03.2023 05:40 AM
Forecast for AUD/USD on March 29, 2023

On the back of yesterday's 0.41% decline of the US dollar index, the Australian dollar did not break through the technical support at 0.6640 and turned towards the resistance at 0.6730. AUD did not reach the goal (growth by 58 pips), but the Marlin oscillator, which entered the positive area, provides the chance for the price to do so.

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In order to confirm the decline in the medium-term, the pair should move below the support level of 0.6640. The 0.6455 target will become available. Consolidating above 0.6730 paves the way for the price to reach the 0.6873 target or slightly lower (the level may correct), but then the price can't reach this level because the market doesn't have any good reasons to take risks and hit this target.

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On the four-hour chart, the price is headed upwards - above the indicator lines. Marlin oscillator readings do not indicate that the reversal is coming. AUD can reach the 0.6730 target and even overcome it, but in the future, we are waiting for signs of reversals.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2023
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