Forecast for AUD/USD on August 3, 2020

AUD/USD

The Australian dollar made the last rush to the upper border of the target range of 0.7190-0.7225 and, having turned down, closed the day by losing 50 points last Friday, July 31. The triple price divergence with the Marlin oscillator has fully formed on the daily chart. Now we are waiting for the price to fall to the MACD line, to the 0.6960 level. Pinning the price under the MACD line will launch a medium-term downward trend.

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There is a pronounced price divergence with an oscillator on the four-hour chart. The price consolidated below the balance (red) and MACD (blue) indicator lines - the trend is completely down. We are waiting for the price to break the nearest target level of 0.7070, then we observe the price behavior at the key level 0.6960.

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