Forecast for AUD/USD on December 10, 2020


Yesterday, the Australian Dollar decided to go up again against the rest of the market. The target bullish level of 0.7500 was not reached but the final growth was shown at 35 points. Even the New Zealand Dollar lost 20 points yesterday and the Canadian Dollar closed the day at the opening level.


The triple divergence of the price with the oscillator is not broken. We are waiting for the price to go back below 0.7440, consolidate below the level, and decline to 0.7340. The second deeper target of 0.7222/55 is the November 13 minimum and support for the Kruzenshtern line.


On the four-hour scale chart, the price and the oscillator formed an undefined divergence. However, this pattern also applies to reversal patterns. The price is above the indicator lines so it is extremely important to fix it under the Kruzenshtern line, below the level of 0.7415. This consolidation will signal a further decline in the price to the nearest target of 0.7340.

The material has been provided by InstaForex Company -