Forecast for AUD/USD on July 10, 2020


The Australian dollar is losing interest in growth every day. The price spent the whole week in a sideways direction, it closed Thursday with a black candle of 16 points. This nature of the price significantly reduces the probability of forming a triple divergence for Marlin. Commodity markets also intervened: oil fell 3.18% (WTI) yesterday, and Australia's most important export commodity iron ore fell 2.37%. The composite index of non-ferrous metals is still growing - yesterday's growth was 1.29%. Consolidating the aussie below the 0.6900 level can turn the price into a new medium-term trend, the first goal is 0.6745 - support for the daily MACD line.


The aussie still has a chance to continue growing to the level of 0.7080, but the price will need to overcome yesterday's high (0.7002) for this.


The Marlin divergence formed on the four-hour chart. The price is below the red balance indicator line. Preparation for the attack on 0.6900 is complete, the only thing left is to implement it. This could prevent the MACD line at around 0.6920. We are waiting for developments.

The material has been provided by InstaForex Company -