FX.co ★ Forecast for AUD/USD on July 13, 2023

AUD/USD

The Australian dollar rose by 1.50% yesterday. As it trades higher, it may reach the target level of 0.6821 (the peak of May 10). The pair will likely experience a pullback from that mark, as the signal line of the Marlin oscillator has slightly turned down. Once it crosses the 0.6821 mark, the next target will be 0.6857 (the February 6 low).

The bulls may garner support from today's China trade balance data, which is expected to increase from 65.8 billion dollars to 93.9 billion.

On the four-hour chart, Marlin is directed downwards, but not yet enough to indicate a reliable signal of the corrective move. If the correction takes place, the support level will be 0.6755.