FX.co ★ Forecast for AUD/USD on August 14, 2023

AUD/USD

After a false upward move on August 10th, the AUD/USD pair continued to fall in the medium-term. The support level at 0.6388 is just ahead, creating a magnetic point through its intersection with the green price channel line.

The Marlin oscillator is moving downward in bearish territory. There are no visible obstacles as the price makes its way to the 0.6388 target.

On the four-hour chart, the price has settled below both indicator lines, and with the support of the declining Marlin oscillator, the downward movement persists. A correction is highly likely after reaching the target level of 0.6388.