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

AUD/USD

Yesterday, the Australian dollar reluctantly fell by 10 points, as it is generally in a prolonged consolidation between the levels of 0.6670 and 0.6730. But even after breaking through its lower level, the consolidation will continue only with an extended range at the lower limit of 0.6628. For a significant movement (according to the main scenario, a bearish one), the price clearly needs a good shake-up.

At the moment, since the price is above the balance line, the trend tends to gravitate towards the upward cycle or sideways movement. The Marlin oscillator has also not yet left the growth area.

On the four-hour chart, the potential to fall is stronger. The price has returned below the balance and MACD indicator lines, and the Marlin oscillator is trying to move deeper into the area of the downtrend. At the very least, I expect the nearest support level at 0.6670 to be tested.