FX.co ★ Forecast for AUD/USD on May 10, 2023

AUD/USD

The Australian dollar lost 22 points yesterday, touching the MACD indicator line with its lower shadow. If today's US inflation report does not turn out to be worse than forecast, there will be another attempt to overcome this line with the goal of falling below the price support at 0.6730.

If the task is accomplished, the target will be 0.6670. The Marlin oscillator leans more towards a decline, but it is still staying in the positive area, so the bears' situation remains challenging.

On the four-hour chart, the Marlin oscillator's signal line moves along the zero line. This strengthens the decline potential. Below the level of 0.6730 is the MACD line (0.6704). It will become intermediate support on the path to 0.6670. An alternative growth scenario is implemented with the price moving above the target level of 0.6810. The target will be 0.6873 (January 19th low).