FX.co ★ Forecast for AUD/USD on May 13, 2022

Yesterday, the Australian dollar reached the lower limit of the descending price channel of the weekly timeframe, having overcome it with a lower shadow. The channel has fulfilled its role, now it is being abolished. Now we are waiting for the price to move further towards the lower target level at 0.6755 (November 2019 low).

The price with the oscillator formed a weak convergence on the four-hour scale. Before the breakthrough, a short-term development of the price consolidation is quite likely, since the MACD line is close to the price, and in the current situation, the bulls are unlikely to have a desire to overcome it. The sideways trend may be limited to the upper target level of 0.6930. Consolidating under 0.6865 will open the way to 0.6755.