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

AUD/USD

After the price reached the magnetic point at the level of 0.6388 on August 17th, the AUD/USD pair closed Friday with a white candle, retesting support with the lower shadow. The Marlin oscillator turned up on the daily chart, indicating a correction in the range of 0.6516/60. This morning, the price once again tested the green line of the ascending price channel and showed the intention to move into a corrective phase.

This is currently the main scenario, and a consolidation below 0.6388 followed by a further fall to 0.6295 is the alternative scenario.

On the four-hour chart, the price has risen above the MACD line, the Marlin oscillator crossed the zero line and entered the uptrend territory. A synchronous signal builds momentum and a prospect for growth. The price should consolidate above the MACD line (0.6412).