Forecast for AUD/USD on April 28, 2020


The Australian dollar gained 70 points on Monday, on the way to the target mark of 0.6526, but the price suddenly fell today during the Asian session. At the moment, the decline is not critical, but if it continues, a divergence will form on the Marlin oscillator, which could be the first condition for a medium-term decline in the Australian currency.


The price shows the intention to return under the MACD line on the four-hour chart. The Marlin oscillator fuels the decline's pace. Its transition to the zone of negative values will create a condition for pulling down the price in the short term for 1-2 days. A direct signal to this will be when the price drops to the level of 0.6406 (high of April 23).


So, when the price overcomes the signal level 0.6406, it is then possible to open short positions while aiming for 0.6280 (MACD line on daily). Stop loss above 0.6435.

The material has been provided by InstaForex Company -