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26.05.202305:33 Forex Analysis & Reviews: Forecast for AUD/USD on May 26, 2023

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AUD/USD:

After successfully breaking down the target level of 0.6567, the AUD/USD pair is heading towards the target level of 0.6425. The target level of 0.6340 is just below it. The signal line of the daily Marlin oscillator is showing a slight upward turn, indicating a slowdown in the decline caused by the momentum from the Reserve Bank of New Zealand's decision to keep the rate unchanged on Wednesday.

From a purely technical standpoint, there are no reasons for the Australian dollar to undergo a deep correction. It may consolidate (not exceeding 0.6567) with further movement towards the specified targets.

On the four-hour chart, the price is flat, and the Marlin oscillator is sideways, which could be the reason for an upward correction. A correction to the nearest resistance at 0.6567 is likely.

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