FX.co ★ Forecast for AUD/USD on October 19, 2022

The first thing that is seen on the daily chart of the AUD/USD currency pair is the exit of the signal line of the Marlin Oscillator from its own descending channel. Thus, the price convergence with the oscillator has started to work. The price went above the resistance of 0.6300 and is currently trying to overcome the green line of the downward price channel. The price will likely reach the 0.6360 level (28 September low).

Consolidation above the level opens a second target at 0.6439 (26 September low).

But the signal line of the oscillator is already approaching the zero line. If Marlin continues to grow ahead of the price, then it will touch the zero line simultaneously with the price reaching the level of 0.6360. And here a synchronous downward reversal of the price and the oscillator can occur.

On the four-hour chart, the price settled above the level of 0.6300 and above the MACD line. The Marlin Oscillator is developing in the positive area. We are following the development of the last, as expected, branch of price growth.