FX.co ★ Forecast for AUD/USD on May 24, 2022

The Australian dollar fell 8 points short of the target level of 0.7136 yesterday, and now the price is returning to the lower level of 0.7056. Going under this level will show the price's determination to take the 0.6930/60 range. Moving up from the reached range of 0.7056-0.7136 may extend the correction to the MACD line (0.7220). The Marlin Oscillator on the daily has moved into a positive area for a bit, and if it returns to the zero line, then this exit will become a false signal, confirming the price's intention to develop in a downward direction in the medium term.

On the 4-hour chart, the Marlin Oscillator is trying to push the border into the downward trend territory. Visually, this moment will coincide with the price crossing the 0.7056 level. Next, we are waiting for the price in the 0.6930/60 range.