Forecast for AUD/USD on October 22, 2020

AUD/USD

Against the background of the general weakening of the US dollar, the Australian dollar gained 68 points yesterday, exceeding the target level of 0.7120, stopping at the balance indicator line on the daily chart. The Marlin oscillator did not enter the growth zone, there is a possibility that the price will also begin to reverse from the levels it reached. Getting the pair to settle below 0.7058 will make the pair fall to 0.6950.

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The four-hour shows that the price has exactly reached the MACD line (blue), but Marlin is still in the zone of positive values, which warns us of the continuing risk of another attack on the MACD line. Getting the price to settle above it (yesterday's high at 0.7138) will push the price to continue rising to the second target of 0.7190.

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The first sign that a reversal has taken place is when the signal line of the Marlin oscillator leaves the zone of negative values, which will roughly correspond to the price falling below 0.7080.

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