Forecast for AUD/USD on April 21, 2020

AUD/USD

The Australian dollar turned down from the price channel line and fell by 30 points on Monday. To date, the price has overcome the support of the MACD line on the daily chart (0.6316).

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Overcoming this support starts the movement towards the first target of 0.6175 - to support the underlying embedded price channel line. The second goal will be the next line of the price channel in the region of 0.5798. The Marlin indicator continues to decline.

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The price continues to decline under the balance (red indicator) and MACD (blue) lines on the four-hour chart. Marlin also headed for a new wave of decline after a reversal from the border of the growth territory.

Summary: it is possible to open short positions in the market with stop loss above 0.6398 and take profit above 0.5798.

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