Forecast for AUD/USD on October 8, 2020

AUD/USD

The Australian dollar gained 37 points yesterday, taking advantage of the temporary weakness in the US dollar. The dollar index dropped 0.21%, while AUD/USD added 37 points.

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The overall downward situation for the aussie has not changed on the daily chart. The Marlin oscillator is turning down, the blue MACD line is turning down, and the red balance line is also pointing down. The first target of the movement is 0.7055, then 0.6960 is the support of the embedded price channel line.

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But in order for the price to confidently decline, it needs to gain a foothold under the MACD line on a four-hour scale, below 0.7103, which it could not do yesterday. The signal line of the Marlin oscillator is turning down, creating a second chance for the price to develop a bearish offensive.

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