Forecast for AUD/USD on July 3, 2020

AUD/USD

The Australian dollar rose by seven points yesterday against the overall strengthening of the US dollar by 0.07%, probably due to the growth of industrial metals, which arose from yesterday's good data on employment in the US. Further strengthening of the US dollar will still return the aussie to the general downward trend with other currencies.

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At the moment, the price continues to move sideways above the level of 0.6900, the Marlin oscillator shows an intention to turn down inside the downward trend zone. In general, the Australian dollar will continue to be consolidated for three weeks, and any noticeable movement is unlikely since the US trading platforms are closed today.

In general, the situation and our previous forecast will remain the same; Consolidating the price at 0.6900 will lead to an attack on the signal level of 0.6842, overcoming which opens the door for the aussie to 0.6680.

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The price is consolidated above the indicator lines of balance and MACD on the four-hour chart, Marlin is in the growth zone, the trend is upward. When the price goes above the upper signal level of 0.6976, this will make it possible for the price to continue growing towards the goal of 0.7080 as an alternative scenario development.

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