Forecast for AUD / USD pair on July 5, 2019

AUD / USD pair

On Thursday, the Australian dollar reached the upper limit of the price channel after a slight turn over 0.7040. Hence, the marking of the downward channel on the daily scale chart changed slightly.

At the moment, a daily divergence has been formed on the Marlin oscillator, which increases the likelihood of a downward turn of the price into the medium-term timeframe. The immediate target is the strong support area for the trend line and the MACD line at 0.6944.

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Growth is possible after overcoming the price of yesterday's high and continue to the Fibonacci level of 138.2% at 0.7112. The possibility of such a scenario allows for a completely rising situation on the four-hour chart and the price is above all indicator lines and Marlin is in the growth zone. In this case, the divergence on the daily chart is formed again into a rising trend in the signal line.

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The material has been provided by InstaForex Company - www.instaforex.com