FX.co ★ Forecast for AUD/USD on February 14, 2024

AUD/USD

Yesterday, a double convergence with the Marlin oscillator was formed when the AUD/USD pair fell by 77 pips. Of course, if the price continues to fall to the target level of 0.6410, it will not take the necessary form, and the primary convergence will be neutralized, but the probability of a correction, at least to the level of 0.6504, has certainly increased.

At the same time, we do not expect a strong correction, as the price bounced off the upper boundary of the medium-term descending channel. Breaking the support at 0.6410 will open the target at 0.6273.

On the 4-hour chart, the price sharply fell after an unsuccessful attempt to attack the MACD line. The price has settled below both indicator lines, and the Marlin oscillator is moving in a downtrend. We expect the price, either with or without a preliminary correction, to reach the level of 0.6410 and try to consolidate below it.