Forecast for AUD/USD on September 23, 2020

AUD/USD

The Australian dollar continues to rapidly fall to the target range of 0.7065-0.7110, which is formed by the lows of July 24 and August 12. According to the main scenario, we expect the price to fall to the embedded line of the price channel in the 0.6970 area.

analytics5f6ac2eaa3857.jpg

The Marlin oscillator is already entering the oversold zone on the daily chart, therefore, we expect a deep correction of the Australian dollar from the 0.6970 level back to the 0.7065-0.7110 range.

analytics5f6ac2edd406d.jpg

The four-hour chart shows that there are no clear indications of a reversal for the leading Marlin oscillator, which makes it possible for the aussie to reach the target range by the end of the week. We expect it to reach 0.6970 on Tuesday, September 29th.

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