FX.co ★ Forecast for AUD/USD on May 22, 2023

AUD/USD

On Friday, the Australian dollar stopped rising due to the target resistance at 0.6670 and the balance indicator line (red). This morning, the price tested the target level again. The Marlin oscillator is not trying to grow, so the price may linger for some time in the 0.6628/70 range before deciding to break through its upper or lower limit. The nearest bullish target is 0.6697, the nearest bearish target is 0.6567.

On the four-hour chart, the price shows the intention to reverse from the resistance of 0.6670, which was reinforced by the balance indicator line. The Marlin oscillator, which entered the positive area on Friday, is reversing. Now, the 0.6628/70 range becomes an area where the price can freely move around, as for further movement, the price needs to overcome one of the limits of this range.

On the daily chart, the MACD line at 0.6697 coincides with the MACD line on the 4-hour chart (also 0.6697), which strengthens this level and defines it as the limit of the corrective growth.