Forecast for AUD/USD on August 31, 2020


The Australian dollar, having felt the US dollar's weakness against the euro, added 106 points on Friday. Up to the target level - the December 2018 high at 0.7395 was 13 points short. But accurately testing this level is not a prerequisite. The aussie broke the multiple divergence with the Marlin oscillator, transforming it into the more common triple divergence.


The triple divergence in this wide and measured form has a greater force than the sixfold one. The price is already reversing from the target level of 0.7390.


The price shows its first intention of an expected reversal on the four-hour chart, you need to wait for a more distinct decline, first of all, by the Marlin oscillator. The final signal for a mid-term decline is when the price leaves the area under the MACD line on the daily scale (0.7223). A preliminary signal is when prices fall below the target level of 0.7296.

The material has been provided by InstaForex Company -