FX.co ★ Forecast for AUD/USD on March 29, 2022

The Australian dollar confirmed its intention to turn down yesterday. The Marlin Oscillator is falling from the oversold zone ahead of the price, pushing it to work out the target range of 0.7415/30 as soon as possible. The price moving below the range opens the second target at 0.7315 – this is the high of January 2022.

The price settled below the level of 0.7500 on the four-hour chart. The balance indicator line prevents the price from moving lower – major players are in no hurry to shift the balance of interest in short positions right now. Nevertheless, the critically important supports are close – this is the target range 0.7415/30 and the MACD indicator line has passed through it. The Marlin Oscillator is already in negative territory, but the supports are strong and decisive action is needed to overcome them. Time is now working against the bears.