Forecast for AUD/USD on July 20, 2020

AUD/USD

The Australian dollar does not lose hope to form a rare triple divergence pattern on the Marlin oscillator. The price needs to overcome the June 10 high to do this, for example, taking the target level of 0.7080, which is the July 19, 2019 high. The Marlin signal line turned up on Friday from the border ofh the growth zone.

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But at the same time, the price began to turn down today in the Asian session. The signal line leaving the area under the zero line could be final and irrevocable, at least in the medium term. The price may fall to 0.6600 in this case.

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The price once again went under the MACD line after a preliminary reversal from the signal level of 0.7000 on the four-hour chart. The signal line of the Marlin oscillator attacks the border of the bears territory. Apparently, there will be no triple divergence on the daily timeframe. The price reverses to the nearest target of 0.6900, then to 0.6745. Leaving the price below the signal level of 0.6964 will resolve this issue in favor of the bears.

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