Forecast for AUD/USD on March 5, 2020


The RBA lowered its base rate from 0.75% to 0.50% on Tuesday, but since the world was buzzing about the US dollar, the aussie joined it and showed growth for two days, having worked on the daily chart on the Fibonacci resistance level of 223.6 % The Marlin oscillator has left his own wedge up, but currently shows its intention to turn from the boundary with the growth territory. When the price leaves the area under the embedded line of the price channel (below 0.6597) and consolidates below it, this will resume the downward trend with the target of 0.6435 - this is a low of February 28 and support for the underlying price channel line.


On the four-hour chart, below the level of 0.6597, there is support for the MACD line at the level of 0.6569 (coincides with the peak on March 2). Leaving prices below this level will be the market's final choice towards selling.


The material has been provided by InstaForex Company -