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16.05.2024 05:20 AM
Forecast for AUD/USD on May 16, 2024

AUD/USD

Yesterday, the Australian dollar strengthened along with other commodity-linked currencies, covering the entire range of target levels between 0.6627 and 0.6690.

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In today's Asian session, the price even tried to reach the target level of 0.6730. However, it failed due to the release of Australia's unemployment data, which increased from 3.9% to 4.1%. Nevertheless, we expect the price to reach this target level after the current correction. Once the aussie hits 0.6730, it will likely reverse into a medium-term decline, in synch with European currencies.

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On the 4-hour chart, the price dropped below the support level of 0.6690, and the Marlin oscillator turned into a local correction. The MACD line at 0.6642 serves as support for the correction.

Laurie Bailey,
Analytical expert of InstaForex
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