Forecast for AUD/USD on August 19, 2020

AUD/USD

The Australian dollar continues to grow abnormally against the five-fold divergence of the price and the oscillator. When the price overcomes the next bullish level of 0.7296 (January 2019 high), the signal line of the Marlin oscillator will go above its forming line and the divergence will dissolve into the overall long-term picture, transforming into a wedge-shaped structure. Therefore, if the aussie does not turn around from 0.7296, the next target will be the 0.7390 level – the high of December 2018.

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The price settled above the target level of 0.7240 (peaks on August 5 and 7) on the four-hour chart and is ready to reach the nearest target of 0.7296. The Marlin oscillator still has growth potential, it is not in the overbought zone.

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