Forecast for AUD/USD on October 23, 2020

AUD/USD

The Australian dollar traded below 0.7120 on Thursday, closing the day at the opening level. The signal line of the Marlin oscillator is staying in the downward trend area on the daily chart. Getting the price to leave the area above Wednesday's high of 0.7138 will allow the price to continue to rise towards the 0.7190 target. Getting the price to settle below 0.7120, that is, today's closing and the opening of Monday, will set the movement to the downward target level of 0.7058.

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The MACD line restrains the price from rising. Getting the price to settle above Wednesday's high at 0.7138 opens the target at 0.7190 (September 9 low). The price should move below the signal level of 0.7086 in order for it to fall towards the bearish target of 0.7058.

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