Forecast for AUD/USD on September 3, 2020

AUD/USD

The extended triple divergence on the Australian dollar's daily chart, which started in mid-April, increases the pressure on the currency. The decline can be long-term, more than six months. But the price must settle below the MACD line for a downward trend to form, below 0.7255. After that, the aussie will initially aim for 0.7075 - the high on June 10.

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The MACD line at 0.7295 is also located in the same path towards 0.7255 on the four-hour chart. Thus, the 0.7255/95 range is a single broad support for the price that needs to be overcome.

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The price can overcome this support for a long time and it is difficult, since there isn't a single picture in the indicators' readings overall. But it can also immediately do so, if fundamental factors and the external market provide help. The US labor data will be released tomorrow, and they will either keep the price from immediately breaking down, or help to do just that. We are waiting for the development of events in the next two days.

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