Forecast for AUD/USD on July 22, 2024

AUD/USD

After five days of decline, the Australian dollar reached the target support level of 0.6690. Now, if the price consolidates below this level, it will struggle with the support of the MACD line to reach the target level of 0.6627.

The Marlin oscillator has settled on a downward trajectory, specifically in the downtrend territory, and is now fully supporting the price in reaching this target.

The price has already consolidated below the 0.6690 level in the four-hour timeframe. Now, the bears are focused on the 0.6627 level – a strong support level from May and June. The Marlin oscillator shows signs of consolidating within the gray rectangle, indicating that the price can settle below the 0.6690 level.

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