Forecast for AUD/USD on April 7, 2020

AUD/USD

The Australian dollar rose by 89 points on Monday, which was helped by the general weakening of the US dollar as short positions are closed on the euro and the pound. The signal line of the Marlin oscillator on the daily scale chart has moved to the zone of positive values, and the corrective growth continues.

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The growth target is the 0.6196-0.6249 range formed by the line of the descending price channel and the February 2009 low. With the price reaching the level of 0.6249, it is possible to continue growth to the 0.6355 level, which the MACD line tends to reach. After the correction is complete, we expect the price to fall to the first significant support at 0.5825 - this is also the embedded line of the price channel of the higher timeframe.

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The signal line of the Marlin oscillator has entered the growth zone on the four-hour chart, the price continues to struggle with the balance indicator line (red indicator). A price victory over this line (growth above 0.6130) will strengthen the upward mood of this currency pair.

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