FX.co ★ Forecast for AUD/USD on May 14, 2024

AUD/USD

Yesterday, the Australian dollar reached the target level of 0.6627 with the upper shadow of the daily candle and then it retreated, which it has always done since January.

The Marlin oscillator is declining, approaching the boundary of the downtrend territory, suggesting that the price will now aim to test the support of the MACD line (0.6544). Consolidation below this level will open up the second target at 0.6480. If the price manages to break above the resistance at 0.6627 and consolidate, it could rise further and reach the target level of 0.6690.

On the 4-hour chart, the Marlin oscillator moved into the downtrend territory this morning. After that, the price is breaking below the support of the MACD indicator line. Consolidation below it (0.6603) will open the first target at 0.6544.