Forecast for AUD/USD on August 13, 2020


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.


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.


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 -