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18.05.202305:00 Forex Analysis & Reviews: Forecast for AUD/USD on May 18, 2023

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AUD/USD

The Australian dollar traded within the target levels of 0.6628 and 0.6670 yesterday. The reversal of the Marlin oscillator's signal line from the zero line was confirmed (arrow) on the daily chart.

Now, the probability of the price overcoming the 0.6628 support has significantly increased, and the price will soon reach the target level of 0.6567 (the low of March 8). In case of an alternative scenario, with the price surpassing 0.6670, it will continue to rise to the MACD line around the 0.6704 mark.

On the four-hour chart, the Marlin oscillator's signal line has turned down from the oscillator's zero line. The price is developing under the balance and MACD indicator lines. In the short term, we expect the price to overcome the 0.6628 support level according to the main scenario.

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