empty
 
 
08.05.2024 05:04 AM
Forecast for AUD/USD on May 8, 2024

AUD/USD

On May 3, 6, and 7, the Australian dollar broke above the resistance level of 0.6627 with the upper shadows of daily candles and, since this is a strong level, the aussie plummeted by 26 pips yesterday, and it fell by another 22 pips in today's Pacific session, reaching the balance indicator line.

This image is no longer relevant

The Marlin oscillator has moved downwards and is steadily approaching the border of the downtrend territory. Visually, this border will be tested when the price reaches the MACD indicator line (0.6545). A small correction is possible, after that we expect the price to move towards the target level of 0.6480.

This image is no longer relevant

On the 4-hour chart, the Marlin oscillator has moved into bearish territory, and the price is approaching the area of the MACD lines on both charts. If the price consolidates below the MACD line on the H4 chart, it will correspond to overcoming this line on the daily chart. We are monitoring the progress of the downtrend.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback