Forecast for AUD/USD on October 5, 2020

AUD/USD

The Australian dollar retreated from the 0.7190 resistance on Friday and closed the day with a black candle at 23 points. The price reached the same resistance this morning. The Marlin oscillator does not show a downward reversal, so it is possible for AUD/USD to rise to 0.7270. The price must overcome the Thursday high at 0.7210 for this. In order for the price to return to the local downward trend, it must drop below Friday's low of 0.7132.

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The situation on the 4-hour chart does not provide clues as to which direction the price intends to take. The leading Marlin oscillator moves almost horizontally above the neutral line. We are waiting for the development of events. Tomorrow, the Reserve Bank of Australia will announce its monetary policy decision and the Australian trade balance will also be released. Investors are waiting for this news.

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