Main Quotes Calendar Forum
flag

FX.co ★ Forecast for AUD/USD on July 24, 2024

parent
Forex Analysis:::2024-07-24T02:55:20

Forecast for AUD/USD on July 24, 2024

AUD/USD

The Australian dollar consolidated below the MACD line on the day chart and has almost settled below the target level of 0.6627. Falling commodity prices are pushing commodity currencies down, but after successfully breaking through the consolidation range of 0.6627/90, the price has entered a new range of 0.6578–0.6627.

Forecast for AUD/USD on July 24, 2024

Here, the price may wait for the Federal Reserve meeting (on July 31) and then move towards 0.6444 (the low of February 13). It is possible that the price might retest the MACD line from below (0.6647—the peak of April 9), which overall also aligns with a wait-and-see mode.

Forecast for AUD/USD on July 24, 2024

On the 4-hour chart, Marlin rose throughout yesterday, which may signal a potential upcoming correction. Overall, since yesterday, the Australian dollar has been on track for a medium-term decline, roughly to the level of 0.6171—the low of October 2022.

Analyst InstaForex
Share this article:
parent
loader...
all-was_read__icon
You have watched all the best publications
presently.
We are already looking for something interesting for you...
all-was_read__star
Recently published:
loader...
More recent publications...