Forecast for AUD/USD on September 29, 2020

AUD/USD

The Australian dollar added 40 points and entered the consolidation zone of 0.7065-0.7110 yesterday. It is possible for the price to move beyond it, but it will be limited, within the framework of our main scenario, by the MACD line at 0.7137, which coincides with the low on August 20. Setting the price below 0.7065 will be the aussie's second attempt to continue moving towards the first target of 0.6970.

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The signal line of the Marlin oscillator is marking a downward reversal on the four-hour chart, and although this is not enough to keep the price within the 0.7065-0.7110 range, it is a sign. In any case, setting the price below the lower end of the range will be the primary condition for the price to continue falling in line with our main scenario.

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