Forecast for AUD/USD on April 6, 2020


The Australian dollar has been trading in the Friday range since the Asian session opened. The price and indicators are in a downward position, waiting for the target level to reach the embedded line of the 0.5830 price channel. When this goal is reached, the second one will open – support for the embedded price channel line in the 0.5470 area.


The four-hour chart shows support for the MACD line at 0.5965. Crossing the line opens the nearest target of 0.5830. The Marlin oscillator on H4 is developing in the zone of negative values, in the downward trend zone with a hint of weak convergence. There may be a short-term consolidation in the range of 0.5965-0.6077 before further a price fall.


The material has been provided by InstaForex Company -