FX.co ★ Forecast for AUD/USD on April 24, 2023

AUD/USD

After the Australian dollar's 49-point drop on Friday, the price appears to be consolidating within the past month's trading range at 0.6670-0.6730. Since the aussie has breached the support level of 0.6670, the range will expand down to the 0.6628 support level. A consolidation below that level will open the first medium-term decline target at 0.6567 – the March 10th low.

The signal line of the Marlin oscillator is still in the positive area on the daily chart. Its movement into the negative area visually coincides with the breakthrough of the 0.6670 support level. After overcoming this support, AUD can fall further.

Until then, there is an alternative scenario, which will be fully realized after breaching the 0.6810 level, which will also mean crossing the MACD line.

On the four-hour chart, the price has settled below the balance and MACD indicator lines. The Marlin oscillator is consolidating and declining in negative territory. We are waiting for the price to consolidate below the 0.6670 level, which will open the target at 0.6628.