FX.co ★ Forecast for AUD/USD on July 21, 2023

AUD/USD

Yesterday, the Australian dollar sharply rose, afterwards it settled below the lower band of the 0.6783/98 range. In today's Asian session, AUD/USD broke below yesterday's low. The Marlin oscillator is approaching the border of the bearish territory, indicating that the aussie has chosen a downward scenario with the 0.6560 target as the primary goal.

However, the price currently faces the first intermediate and significant level at 0.6708 – the peak of July 4. After a break below this level on July 12th, the pair sharply rose for two days. Next, the price will encounter a struggle with the support of the MACD line (0.6640).

The four-hour chart is also indicative of the change in the situation: yesterday's price reversal coincided with the reversal of the Marlin oscillator's signal line from its zero level, and the price is currently breaking below the support of the MACD line. Now, the main task is to test the support level at 0.6708.