FX.co ★ Forecast for AUD/USD on February 28, 2023

Yesterday, the Australian dollar started the day with a strong decline, but it failed to consolidate under 0.6730. In fact, now we see support being pierced, and in case it climbs to 0.6873, a false breakout.

In the current technical conditions, there is no sign that the price could break through the resistance at 0.6873, so we will consider the beginning of the correction on the lower chart.

On the four-hour chart, the price is above 0.6730, the Marlin oscillator is attacking the zero neutral line. There are all the conditions for the MACD line resistance at 0.6795. Keeping the price above this line will allow it to continue rising up to 0.6873.

Consolidation below 0.6730 along with overcoming yesterday's low (0.6698) will open the target level of 0.6640 again.