FX.co ★ Forecast for AUD/USD on February 16, 2023

With demand dwindling on Wednesday, AUD/USD fell and reached the target support level of 0.6873, which is also January 19's low. It seems like the bearish trend will continue today as the candlestick opened under the balance and MACD lines.

If the pair consolidates under the achieved level, it is likely that the price will head towards the support level of 0.6730. After all, it is firmly fixed under the balance and MACD lines in the four-hour (H4) timeframe.

There is a slight struggle around the support level of 0.6873, but since the Marlin oscillator is in negative territory and the daily trend is downward, the level can be overcome soon. After the price fixes under this level, there will be a further move towards 0.6730.