Forecast for AUD/USD on August 13, 2020

AUD/USD

The Australian dollar sluggishly reacted to the US dollar's fall (-0.34%) and the rise in oil (2.24% WTI), adding only 19 points yesterday. The aussie reached the target level of 0.7190 this morning. Now, according to the main scenario, a price reversal to support 0.7070 is likely, since after a fourfold divergence with the Marlin oscillator, we do not expect a fivefold divergence, which practically has not been seen in history.

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The price also met the resistance of the MACD line (moving blue) on the four-hour chart, which it could not overcome. In addition, the price remains below the red balance indicator line, that is, the market balance is kept in a downward trend. The signal line of the Marlin oscillator turns down from the border of the growth area. By a combination of factors, we are waiting for the price to move to the target level of 0.7070.

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Consolidating the price above 0.7190 will allow the price to rise to the target level of 0.7240. This is an alternative scenario.

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