Forecast for AUD/USD on April 23, 2020

AUD/USD

The Australian dollar did not consolidate below the MACD indicator line on the daily chart on Wednesday, which delayed the start of the medium-term decline by another 1-2 days. The aussie grew by 42 points. Currently, the price lies on the MACD line, accumulating forces to break through, but growth is possible during this time of consolidation, even to the price channel line in the region of 0.6525, since the price is still above both indicator lines and the Marlin oscillator, albeit falling, remains in the growth zone. Formally, the trend is rising.

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When the price overcomes the signal level of 0.6255, this will be a reliable condition for the medium-term decline while aiming for 0.5798 and below. The setup is falling on the H4 chart - the price is below the adaptive balance line (red). The Marlin oscillator could reverse from the boundary of the growth territory. A convergence on Marlin that is not that strong can be worked out.

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It is advised to skip the possible price increase, since the reversal can occur from any nearest resistance (0.6380, 0.6446), open sales when the price goes below the signal level of 0.6255.

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