Forecast for AUD/USD on August 27, 2020

AUD/USD

The Australian dollar gained 38 points on Wednesday, as it reached the bullish target of 0.7240. The price tried to go higher in today's Asian session, but the aussie had been preparing for this growth for a long time and lost some of its potential. The signal line of the Marlin oscillator began to move down. It is likely that the next target of 0.7296 will not be reached.

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The price will start falling in the medium-term as the price moves below the MACD indicator line (0.7182) and settles below it. The first target is still at 0.6975. But since the price has significantly moved away from it over the past five days, the sub-goal will be 0.7075.

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The price develops above the balance and MACD indicator lines on the four-hour chart. Marlin is in the growth zone, but turns down, which shows the weakness of the growing trend. If there is a strong desire for the price to rise, it can still do so with the Marlin oscillator going down, so it is possible for the current price to increase by around 20-30 points. In general, we are waiting for initial conditions to be present for the price to go down.

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