Forecast for AUD/USD on August 12, 2020

AUD/USD

The Australian dollar took advantage of the temporary weakness of the US dollar and tested the resistance at 0.7190 on Tuesday, after which it turned down and ended the day with a 6-point loss. As before, the price is faced with the task of overcoming the support at 0.7070, to which the MACD line has already approached. Overcoming the level will mean a radical reversal of the trend into a medium-term decline.

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Yesterday's growth stopped at the point where the MACD line coincided with the target level of 0.7190 on the four-hour chart. At the same moment, the signal line of the Marlin oscillator moved down from the border of the growth territory. The current situation is completely downward. We are waiting for the price at the key level of 0.7070.

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