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

Yesterday, the Australian dollar formed a new support level at 0.7056, now the price is in a hurry to correct the weekly fall of 380 points. The correction may continue until May 4, when the Federal Reserve will announce its decision on monetary policy. During this time, the price may reach the resistance and the target level of 0.7230 (high on April 26). The Marlin Oscillator is turning up.

The price and Marlin formed a double convergence on the four-hour chart. The signal line of the oscillator is already in the positive area and is trying to strengthen the price growth. The first growth resistance is the MACD line (0.7190). Breaking this line will allow the price to reach the target level of 0.7230.