Forecast for AUD/USD on April 29, 2020

AUD/USD

The Australian dollar reached the nearest price channel line today in the Asian session, and now it is facing a choice - to gain a foothold and go higher, or turn from it into a new wave of decline, perhaps even in the medium term, where there is a chance to decline by seven figures.

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The preferred scenario seems to be to decline. The emerging divergence on the Marlin oscillator is in its favor. The immediate goal of the decline is the closest price channel line at 0.6373, below it is the MACD line at 0.6270.

The rising and alternative scenario suggests a price increase to the 0.6672 level - this is the low of October and August of 2019.

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The four-hour chart also shows a divergence being formed on the Marlin indicator. A signal level is highlighted here, having overcome which the price will go to the bearish goals - 0.6436 - yesterday's low and the MACD line (the MACD line is currently above 0.6436, but if the price drops, it will decrease).

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