Forecast for AUD/USD on August 10, 2020

AUD/USD

The Australian dollar fell by 77 points last Friday, against the backdrop of the US dollar's appreciation across the entire spectrum of markets. Copper fell 4.12%, oil 0.93%, wheat 0.97%, meat futures an average of 0.50%.

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In an isolated examination of the technical picture, we can note a market reversal after a four-fold price divergence formed with the Marlin oscillator. This pattern is rare in the market, therefore, it provides a groundwork for a long decline. We believe that with a high degree of probability, the aussie will correct to the target level of 0.6370, that is, to half of the previous growth from the March 19 low.

At the moment, the nearest target is the 0.7070 level (high on June 10). A little lower, the price will meet the support of the MACD blue indicator line, where it could slightly slow down. With its overcoming, the price opens wide doors to the goals of 0.6975, 0.6745, and so on.

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The price has consolidated below both indicator lines on the four-hour chart - the balance line and the MACD line. The Marlin oscillator is in the negative zone. We are waiting for a further price decline to the 0.7070 level.

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