FX.co ★ Forecast for AUD/USD on May 12, 2023

AUD/USD

The AUD/USD pair broke through a strong support in the area of 0.6730 (the price level and the MACD line on the daily chart) and fell sharply. The signal line of the Marlin oscillator has reached the zero line, but has not yet crossed it.

If there is a reversal of this line, then the price may rebound a bit to the upside, as the pair has found new support at the level of the February 27 and March 1 lows (0.6700). Next, I expect the price to move towards the previously mentioned target levels of 0.6670 and 0.6628.

On the 4-hour chart, the price has consolidated below the balance and MACD lines, Marlin is in negative territory. Only the Marlin oscillator is trying to turn into a correction. Maybe it will happen. The resistance is at the level of 0.6730.