Forecast for AUD/USD on March 29, 2024

AUD/USD

Yesterday, the Australian dollar fell short of hitting the target level of 0.6480 by only 7 pips. However, in the current downtrend cycle (since December 28 and the sub-cycle since March 8), this does not matter—whichever day it overcomes this support level, the price will continue to fall to the nearest target of 0.6410.

The Marlin oscillator has settled on a downward trajectory. The balance and MACD indicator lines have turned downwards and have been declining for several days.

On the 4-hour chart, the situation is completely bearish. The price is consolidating and declining below the indicator lines, with Marlin in negative territory.

The resistance of the correction is represented by the MACD line around the 0.6543 mark, which coincides with yesterday's peak. But even if it surpasses this mark, it is unlikely for the price to rise above the 0.6562 level (the peak of March 26), meaning that a break above the MACD line is most likely a false move. Meanwhile, we're waiting for the price to settle below the 0.6480 level.