FX.co ★ Forecast for AUD/USD on May 16, 2022

This morning, in continuation of Friday's correction, the price reached the entire target range of 0.6930/60. Now it has a choice - either to leave the range and move towards the target level of 0.7056, or turn around to move to 0.6865 and further to 0.6755. The daily Marlin Oscillator is inclined to continue rising, but the impression can be misleading, as the signal line is already close to the linear resistance.

On the four-hour chart, the price has touched the MACD line inside the target range and is turning away from it. Consolidating under the bottom line of the range (0.6930) opens the 0.6865 target. The signal may be strengthened by the Marlin Oscillator's return to the negative area.

Consolidating above 0.6960 will revive the bulls' desire to repeat the recent success - to reach the target level of 0.7056.