Forecast for AUD/USD on August 11, 2020


The Australian dollar slightly fell on Monday, by only eight points, but the upper shadow did not reach the July 22 peak by just a point, in the area of which our 0.7190 level was located, which became another sign of the market's mood to continue moving down.


Now the aussie is facing the 0.7070 target - extremes on August 3 and June 10. The price at this level will probably also meet the MACD line on the daily scale. Also at the same time, the signal line of the Marlin oscillator will struggle with the border separating the growth zone from the decline zone. Thus, the 0.7070 level acquires strategic importance. After the price consolidations, a medium-term downward trend opens below it with the first target at 0.6975.


The price has consolidated below the balance and MACD indicator lines on the four-hour chart. The Marlin oscillator is in the negative zone, the general trend on this scale is decreasing.

The material has been provided by InstaForex Company -