FX.co ★ Forecast for AUD/USD on May 10, 2024

AUD/USD

On the daily chart, the Australian dollar appears to be in a strong upward position, as it is staying above both indicator lines while Marlin is in the positive area. But at the same time, the price is also approaching a powerful resistance level, which it has failed to overcome more than five times since the beginning of the year.

Now, on the fundamental side, the price has a very low chance of consolidating above 0.6627 in the last five months. And the Marlin oscillator is getting weaker. We believe that the price will return to the support of the MACD line (0.6545) and will try to retest the targets of 0.6480 and 0.6410.

A good signal for this endeavor is when the aussie overcomes the MACD line on the 4-hour chart, the level of 0.6589, coinciding with the April 29 high. The signal line of the Marlin oscillator is close to the border of the downtrend territory and is ready to pull the price behind it. We are awaiting further developments.