18.05.202204:47 Forex Analysis & Reviews: Forecast for AUD/USD on May 18, 2022

The Australian dollar fell 8 points short of the target level of 0.7065 and went down in today's Asian session. Although it should be clarified - the 0.7065 level is still not so much a target, but a record one, determined by the high on May 11 and the supports of February and April 2019.

There are other extremes, coinciding with today's high of 0.7048. Therefore, the target levels, as always, are not an absolutely accurate parameter, and by the nature of the current decline, it is very similar to the fact that the price reversed precisely from the level reached, for example, from the high on July 4, 2019 or from the resistance of ten-day period of January 2016. Falling below the range of 0.6930/60 will give the bears a second wind. The target will be the 0.6755 level. The Marlin Oscillator shows the intention to turn down. But it's too early to talk about a reversal. The optimal solution would be a waiting tactic.

The Marlin Oscillator is turning down more decisively on the H4 chart. The MACD's indicator line is in the target range of 0.6930/60, which increases its significance. Falling below 0.6930 will create a good precondition for a medium-term decline.

An exit above 0.7056 opens the target at 0.7136 – May 6 high and April 25 low.