FX.co ★ Forecast for AUD/USD on August 23, 2022

The AUD/USD pair's trading range was 67 points on Monday, the closing of the day showed a daily price increase of 6 points. The upper shadow of the daily candle was an attempt by the price to exit above the resistance of the MACD indicator line, the lower shadow tested the support of 0.6870 for strength. The price surge turned out to be more successful, so this morning it is again struggling with the MACD line.

If the price manages to overcome this resistance, then it may continue to rise to the level of 0.6950. This level is seen as the limit of the correction, from it the price may reverse into a further medium-term decline. A decline below 0.6870, or rather, below the low of the 19th of 0.6860, opens the target at 0.6755. The Marlin Oscillator, although it shows a reversal upwards, remains in a downward position.

The price has formed a small base at the support of 0.6870 on the H4 chart. If the signal line of the Marlin Oscillator does not turn down from the border with the growth territory and the price does not go under 0.6870, then it may continue to rise to the nearest target level of 0.6950. The MACD line (blue) is approaching this level, which will increase resistance and turn the price down, in accordance with the main scenario for the medium-term decline of the Australian dollar.