Forecast for AUD/USD on September 2, 2020

AUD/USD

The Australian dollar did not have enough strength to reach the target level of 0.7395 yesterday. The triple divergence with the Marlin oscillator has retained its development and will raise the pressure on the price with each bar. The first target is 0.7296, then the price will have to overcome the support of the MACD line around 0.7240 to gain a foothold in the medium-term downward trend.

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The four-hour chart shows that the Marlin oscillator went ahead with the decline by charging onto the border of the territory of negative values, that is, in the downward trend zone.

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The MACD line is approaching the first target level of 0.7296. It is possible that the price will meet these lines at the intersection of the two lines. Accordingly, staying under the lines will increase the price's chances before it attacks 0.7240.

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