FX.co ★ Forecast for AUD/USD on May 2, 2023

AUD/USD

On Monday, the Australian dollar tested the resistance level of 0.6670, and under pressure due to the US dollar (#USDX 0.43%), returned to the support of 0.6628. On the daily chart, the Marlin oscillator did not react to the asset's growth. Marlin remains in the area of the downtrend.

At the moment, the price is trying to overcome this support; in a few hours, the Reserve Bank of Australia will make a decision on monetary policy, with the rate expected to be at 3.60%. Such a decision is unlikely to contribute to the strengthening of the Australian currency, even if the rhetoric is moderately aggressive, as tomorrow, the Federal Reserve Is almost guaranteed to raise the rate by at least 0.25%. The nearest target is 0.6567 – the low of March 8, then we expect movement to 0.6450.

On the four-hour chart , yesterday's movement above the MACD indicator line (blue) and a quick return below it indicates the falsity of yesterday's surge. The price has already consolidated below the line. We are waiting for the RBA's decision and expect the price to fall further.

If the price climbs above 0.6670 and consolidates, it will open an alternative scenario with growth to 0.6730.