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Expert In



Forecast for AUD/USD on October 3, 2019


The Australian dollar has almost reached the target support of the embedded line of the red price channel. This channel has a six-year length, and at such a length, within the framework of fluctuations, the channel can be considered exhausted. On the daily chart, the trend is still falling; the price is below the lines of balance and MACD, the indicator lines themselves are directed downward, the Marlin oscillator goes deeper into the zone of negative trend.


A small convergence on the oscillator was formed on the four-hour chart, which may indirectly indicate the development of the price channel line. In this case, a correction to the MACD line is possible, near the 0.6740 mark. Here the price will meet the release of US employment data on Friday. Weak data can help the price to reach the resistance of the price channel line and the MACD line on the daily scale – 0.6800, strong indicators will set the price to reach new lows, the nearest target 0.6588 is the support of the blue price channel (daily).


The material has been provided by InstaForex Company -