Forecast for AUD/USD on July 29, 2020

AUD/USD

The Australian dollar traded in a 65-point range near the 0.7190 resistance on Tuesday. The Marlin triple divergence has strengthened even more on the daily chart. At the same time, a short-term price entry into the 0.7190-0.7225 range is allowed with a slight exit of the Marlin signal line above the line forming the divergence. A price fall below 0.7070 will be the final signal for a reversal of the trend into a medium-long-term decline.

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The price is above the indicator lines of balance (red) and MACD (blue) on the four-hour chart. The signal line of the Marlin oscillator is attacking the border of the bears' territory. This is a signal for the expected success in the attack on the support of the MACD line (0.7124), after which we are waiting for 0.7070 to be overcome.

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