FX.co ★ Forecast for AUD/USD on May 24, 2023

AUD/USD:

The Australian dollar is getting weak. In addition to its recent decline against commodity prices, this morning, the Reserve Bank of New Zealand (RBNZ) maintained its base rate at 5.25% instead of raising it to 5.50% as expected. The AUD/USD pair (-0.27%) followed the NZD/USD pair (-1.20%).

On the daily chart, the price has fallen below 0.6628 and is now heading towards the nearest target at 0.6567. Breaking through below this level will open up the target at 0.6450. The indicator lines and oscillator are decreasing.

On the four-hour chart, the price is also staying below descending indicator lines, and the Marlin oscillator is falling in the negative territory. I am waiting for the price to reach the key level of 0.6567 (March 8th low).