FX.co ★ Forecast for AUD/USD on February 20, 2024

AUD/USD

On Monday, the Australian dollar failed to start a solid upward movement after consolidating above the level of 0.6504. The resistance of the lows on January 17th and December 7th proved stronger. The signal line of the Marlin oscillator briefly entered the positive territory and is now turning back.

It is logical to assume that once the price retreats below the level of 0.6504, this will signal the start of a medium-term downward movement for the AUD/USD pair. If the price surpasses yesterday's high (0.6554), the Australian dollar may continue to rise towards 0.6627.

On the 4-hour chart, the price is trying to return below the support of the MACD indicator line (0.6523). The Marlin oscillator is making an effort to enter the downtrend territory. It seems that these two events will occur simultaneously, creating an impulsive pattern for the pair to fall further. We expect the price to settle below 0.6504 and aim for 0.6410. This is the main scenario.