FX.co ★ Forecast for AUD/USD on February 20, 2023

AUD/USD broke through the support level of 0.6873 last Friday. It fell down by 60 pips, but by the close of the day came back to the level and is now trying to hold on to it. As the Marlin oscillator has been moving sideways for the third session, another consolidation below it could open the way towards the target support at 0.6730.

With the pair being under the balance and MACD lines, it is likely that the trend will remain bearish. However, the micro-consolidation of two candlesticks at 0.6873 on the four-hour (H4) chart could prompt a brief rise to the MACD line at 0.6906. A breakdown of this resistance could push the pair up to 0.6939, which is the top of February 16.

It will be difficult for the pair to overcome 0.6906 because the Marlin oscillator will meet resistance around the zero level. It could reverse from it synchronously with the price from the MACD line.

A price consolidation under 0.6873 on the H4 would be the first sign of the intention to continue the decline. A consolidation under 0.6873 on the daily (D1) chart will give off the same effect. The target level is 0.6730.