Forecast for AUD/USD on July 13, 2020

AUD/USD

The Australian dollar has been moving sideways for six sessions, but still maintains a growing mood, as the Marlin oscillator turns up with the intention of moving into the growing trend zone. In this case, Marlin will form a triple divergence with a subsequent reversal of the price into a medium-term downward trend. The nearest growth target is 0.7080, once it is overcome, the price may try to enter the target range of 0.7190-0.7225.

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The price is held in growth by the resistance of the balance indicator line on the four-hour chart. It is possible for the price to strengthen after the signal line of the Marlin oscillator reaches the zone of positive values. Approximately, this can happen when the aussie reaches 0.6975. The divergence on the oscillator will have to work out in this case and lose its force. A more determined intention of the price to storm 0.7080 will appear after overcoming the signal level of 0.7000.

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The price first needs to pin itself under the MACD line at 0.6930 to develop a downward and alternative scenario, then it needs to go under the target level of 0.6900.

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