Forecast for AUD/USD on April 8, 2020

AUD/USD

The Australian dollar reached its first bullish target yesterday, on Tuesday - the 0.6194-0.6249 range. This morning the price is going down, the Marlin oscillator showed the first sign of a downward reversal. If the reversal trend is confirmed on the H4 work schedule, we are waiting for the price at the nearest target level of 0.5824 - on the price channel line. The price exit above the upper boundary of the first target range of 0.6249 opens up the prospect of growth to the MACD line in the region of 0.6354.

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The price is still above the balance indicator line on the H4 chart, which slows its movement to the MACD line at 0.6035. Overcoming this line will be a condition for further price reduction to 0.5824. The Marlin Oscillator on H4 is already close to moving onto the territory of a declining trend.

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So, with the price overcoming the signal level 0.6035, it is possible to open short positions with a target above 0.5824.

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