FX.co ★ Forecast for AUD/USD on October 26, 2023

AUD/USD

Yesterday, the Australian dollar drifted sharply lower from the target level of 0.6388 and from the daily balance indicator line (red line). This morning, the price has already breached the nearest support level at 0.6295, making the next target at 0.6171 (the October 2022 low).

The Marlin oscillator continues its downward movement within a bearish trend. On the 4-hour chart, the trend is firmly bearish.

The price is consolidating and declining below the balance line and the level of 0.6295. The Marlin oscillator is falling quite significantly, and the slope of the line coincides with the movement from September 29-October 3, implying a continuation of the decline.