Forecast for AUD/USD on October 2, 2020

AUD/USD

The Australian dollar tried to go beyond the strong resistance of 0.7190 yesterday, but the price only managed to pierce the level. However, the Marlin oscillator channel has been disrupted and is being canceled. The oscillator turned slightly higher. As before, the aussie's first target is the 0.7065 level, then the support of the price channel at the 0.6970 area. We attribute this optimism with the expected positive data on employment in the US. The unemployment rate is expected to decline from 8.4% to 8.2%.

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The Marlin oscillator is on track for an active decline on the four-hour chart. The price is above the indicator lines, but the MACD line has kept its downward direction, indicating the corrective nature of the growth of the last five days. The MACD line itself acts as an intermediate support in the 0.7102 area.

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