FX.co ★ Forecast for AUD/USD on August 8, 2022

On Friday, the Australian dollar managed to overcome the support of the MACD indicator line on a daily scale. Today opened below the MACD line, which opens up the aussie's plan for the main downside scenario - further advance to the target level of 0.6830 (May 12 low).

The signal line of the Marlin Oscillator is a little late with the transition under the zero line, this circumstance may delay the price's downward movement for several hours.

The price has already formed a convergence with the Marlin Oscillator on the H4 chart, which contributes to the delay in the decline. But in general, convergence does not cancel a strong downward price movement. For such a cancellation, the price needs to do a very difficult thing - to settle above the MACD line (0.6980).