FX.co ★ Forecast for AUD/USD on May 4, 2022

The Australian dollar showed moderate volatility after yesterday's Reserve Bank of Australia rate hike from 0.10% to 0.35% against the expectation of 0.25%. The price has not broken any technical resistance and is now ready to meet the Federal Reserve's rate hike decision today.

As a consequence of the lukewarm price response to the RBA rate hike, it could show a nice decline on the Fed's rate hike. As before, we are waiting for the price in the target range of 0.6930/60. The lower limit of the range is determined by the October 2019 high.

The price is falling below the blue MACD indicator line on the four-hour chart. The Marlin Oscillator is moving sideways in the growth zone, but is ready to go into bearish territory if the price goes down, as Marlin is currently showing a driven mood.