Forecast for AUD/USD on April 24, 2020


The Australian dollar grew by 48 points on Thursday, with the upper shadow of the daily candle leaving the area above the resistance of the embedded line of the price channel. It opened under this line today, and if the price does not go above yesterday's high, then the price could go below the MACD line (0.6284) in the near future and the aussie will face a medium-term drop.


The immediate goal on this path is the price channel line in the area of 0.6165. The price exit above yesterday's high opens a bullish target of 0.6523.


The price is between the balance and MACD indicator lines on the H4 chart. The MACD line is turning down, which could indicate a reversal in the price trend itself. The Marlin oscillator is in the positive zone, but it is decreasing and near the trend border.

So, the MACD line of the daily scale at the price of 0.6284 becomes a signal level for opening sales, this is also yesterday's low. Stop loss is just above 0.6355.

The material has been provided by InstaForex Company -