Forex Analysis & Reviews: Forecast for AUD/USD on February 22, 2022

Yesterday, the Australian dollar once again tried to reach the target level of 0.7227, the high of the day was 0.7224, and the closing of the daily candle, like the last three days, was under the indicator balance line. This may mean that the bulls potentially do not have the strength to break through the resistance of 0.7227. The price decline under the MACD line, breaking Friday's low at 0.7168, opens the target at 0.7065 (the high of June 2020). The signal line of the Marlin Oscillator is still in the positive area, this circumstance makes it difficult for the bulls to consolidate. The Australian dollar also supports the rise in commodity prices. Under the general offensive of the US dollar, the AUD/USD will also fall, only its fall will be slower than the European currencies. Target at 0.7065.

On the H4 chart, Marlin is already ready to move into the area of negative values, formally it is already on it. The price should overcome the MACD line (0.7175). The MACD lines coincide on the daily and H4 scales, respectively, overcoming them by the price will create a solid basis for further downward movement.

Analysis are provided by InstaForex