Forecast for AUD/USD on October 29, 2020

Our observation yesterday of the consolidation nature of the Marlin oscillator was confirmed—the price declined as it happened on September 21. The Australian dollar has worked out the first target of 0.7058. Now, it faces the next target of 0.6970 (June peaks), and then 0.6938, which is the support for the embedded line of the price channel.

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The Marlin oscillator turns slightly up on the four-hour (H4) chart, and the price probably needs to adjust a little, following a strong fall. Upon the correction, the Australian dollar is expected to resume declining toward the designated targets.

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